Document:

Exhibit 4.1

	
	#
B
R
IT I S H C O L U M
B
IA
#
SEAL
A
U
STIN G O LD COR
P
.. CORP O RA TE
April 21,
2020
FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK, NO PAR VALUE PER SHARE, OF
Austin Gold Corp.
transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate properly
endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.
WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.
Dated:
is the record holder of
INCORPORATED UNDER THE
BUSINESS CORPORATIONS ACT
OF BRITISH COLUMBIA
COUNTERSIGNED AND REGISTERED:
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
(BROOKLYN, NY)                TRANSFER AGENT
AND REGISTRAR
BY:
AUTHORIZED SIGNATURE
PRESIDENT CORPORATE SECRETARY
CUSIP XXXXXX XX X
SEE REVERSE FOR CERTAIN
DEFINITIONS AND LEGENDS
This certifies that
AG 

	
	  The Corporation shall furnish without charge to each stockholder who so requests a statement of the powers, designations,
preferences and relative, participating, optional or other special rights of each class of stock of the Corporation or series thereof
and the qualifications, limitations or restrictions of such preferences and/or rights. Such requests shall be made to the Corporation’s
Secretary at the principal office of the Corporation.
  KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED THE CORPORATION WILL REQUIRE
A BOND INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.
  The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:
Additional abbreviations may also be used though not in the above list.
TEN COM   –   as tenants in common
TEN ENT  –   as tenants by the entireties
JT TEN   –   as joint tenants with right of
      survivorship and not as tenants
      in common
COM PROP  –   as community property
UNIF GIFT MIN ACT  –  ......................... Custodian .........................
         (Cust)          (Minor)
  under Uniform Gifts to Minors
  Act..............................................................................
     (State)
UNIF TRF MIN ACT  –   ................. Custodian (until age ..................)
     (Cust)
 ..................................... under Uniform Transfers
           (Minor)
  to Minors Act............................................................
                      (State)
FOR VALUE RECEIVED, _____________________________________________________  hereby sell(s), assign(s) and transfer(s) unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
shares
of the capital stock represented by within Certificate, and do hereby irrevocably constitute and appoint
attorney-in-fact
to transfer the said stock on the books of the within named Corporation with full power of the substitution in the premises.
Dated
NOTICE:  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
  FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
  CHANGE WHATSOEVER.
By
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. GUARANTEES BY A NOTARY PUBLIC ARE NOT
ACCEPTABLE. SIGNATURE GUARANTEES MUST NOT BE DATED.
Signature(s) Guaranteed:
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
X
XExhibit 4.2

 

AUSTIN GOLD CORP.

 

WARRANT

 
	Warrant No.	 Original Issue Date: [   ], 2021

 

Austin Gold Corp., a British
Columbia corporation (the "Company"), hereby certifies that, as partial compensation for its services as an underwriter
to the Company, Roth Capital Partners, LLC or its registered assigns (the "Holder"), is entitled to purchase from the
Company up to a total of [   ] shares of the Company's common stock, no par value (the "Common Stock"), at any time and
from time to time from and after 180 days following the effective date of the Registration Statement on Form S-1 (File No. 333-260404),
and through and including [   ], 2023, 18 months following the Original Issue Date (the "Expiration Date"), in accordance
with FINRA Rule 5110, and subject to the following terms and conditions:

 

1.       Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1.

 

     

     

    

 

"Affiliate" means
any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with
a Person, as such terms are used in and construed under Rule 144.

 

"Business Day"
means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the State
of New York are authorized or required by law or other governmental action to close.

 

"Common Stock"
means the common stock of the Company, no par value, and any securities into which such common stock may hereafter be reclassified
or for which it may be exchanged as a class.

 

"Exchange Act" means the Securities Exchange
Act of 1934, as amended.

 

"Exercise Price" means $[ ], subject
to adjustment in accordance with Section 9.

 

"Fundamental Transaction"
means any of the following: (1) the Company effects any merger or consolidation of the Company with or into another Person, (2) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (3) any tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender
or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification of the Common Stock or
any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property.

 

"New York Courts"
means the state and federal courts sitting in the State of New York.

 

"Original Issue Date"
means the Original Issue Date first set forth on the first page of this Warrant.

 

"Person" means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

"Prospectus"
means the prospectus, dated [ ], 2021, filed with the Securities and Exchange Commission pursuant to Rule 424 promulgated under the
Securities Act.

 

"Rule 144" means
Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially the same effect
as such Rule.

 

"Securities Act" means the Securities Act
of 1933, as amended.

 

"Subsidiary"
means any "significant subsidiary" as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange
Commission under the Exchange Act.

 

"Trading Day"
means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on any Trading
Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the Pink Sheets LLC (or any similar organization
or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted
as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

"Trading Market"
means whichever of the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ Global Market, the
NASDAQ Capital Market or OTC Markets Group electronic quotation system on which the Common Stock is listed or quoted for trading on the
date in question.

 

"Warrant Shares"
means the shares of Common Stock issuable upon exercise of this Warrant.

 

     

     

    

 

2.               
Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose
(the "Warrant Register"), in the name of the record Holder hereof from time to time. The Company may deem and treat the
registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

3.               
Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register,
upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant (any
such new Warrant, a "New Warrant"), evidencing the portion of this Warrant so transferred shall be issued to the transferee
and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder.
The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and
obligations of a holder of a Warrant. Notwithstanding the foregoing, neither this Warrant nor any shares of Common Stock issuable upon
exercise of this Warrant, shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of this Warrant, or any security issuable
upon exercise of this Warrant, by any person for a period of 180 days immediately following the effective date of the Registration Statement
on Form S-1 (File No. 333-260404), except as provided in FINRA Rule 5110(g)(2).

 

4.               
Exercise and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time
to time from and after 180 days following the effective date of the Registration Statement on Form S-1 (File No. 333-260404) (the "Effective
Date"), through and including the Expiration Date, in accordance with FINRA Rule 5110. At 6:30 p.m., New York City time on the
Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company may not
call or redeem any portion of this Warrant without the prior written consent of the affected Holder. Neither this Warrant nor any shares
of Common Stock issuable upon exercise of this Warrant, shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject
of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of this Warrant,
or any security issuable upon exercise of this Warrant, by any person for a period of 180 days immediately following the effective date
of the Registration Statement on Form S-1 (File No. 333-260404), except as provided in FINRA Rule 5110(g)(2).

 

     

     

    

 

5.       Delivery
of Common Stock.

 

(a)             To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless all of the Warrant Shares
represented by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the Company
(with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise Price
multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no
event later than two Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate for
the Warrant Shares issuable upon such exercise. The Company shall, upon request of the Holder and subsequent to the date on which a
registration statement covering the resale of the Warrant Shares has been declared effective by the Securities and Exchange
Commission, use its reasonable best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust
Corporation or another established clearing corporation performing similar functions, if available, provided, that, the
Company may, but will not be required to change its transfer agent if its current transfer agent cannot deliver Warrant Shares
electronically through the Depository Trust Corporation. A "Date of Exercise" means the date on which the Holder
shall have delivered to the Company: (i) the Exercise Notice (with the Warrant Shares Exercise Log attached to it), appropriately
completed and duly signed and (ii) if applicable, payment of the Exercise Price for the number of Warrant Shares so indicated by the
Holder to be purchased.

 

(b)            
If by the second Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the
manner required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

(c)            
If by the second Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the
manner required pursuant to Section 5(a), and if after such second Trading Day and prior to the receipt of such Warrant Shares, the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the
Warrant Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"), then the Company shall (1) reimburse
the Holder the amount by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common
Stock or Warrants so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of the shares of Common Stock, on the Date
of Exercise and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for
which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the
Company timely complied with its exercise and delivery obligations hereunder. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In.

 

(d)       The
Company's obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation
of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder's right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company's failure to timely deliver certificates representing Warrant Shares upon exercise of the Warrant as
required pursuant to the terms hereof.

 

6.             Charges,
Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any
certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other
tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

 

     

     

    

 

7.            
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant,
but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable
indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If
a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company
as a condition precedent to the Company's obligation to issue the New Warrant.

 

8.            
Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate
of its authorized but unissued and otherwise unreserved shares of Common Stock, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of shares of Common Stock which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the
Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and
validly authorized, issued and fully paid and nonassessable.

 

9.            Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from
time to time as set forth in this Section 9.

 

(a)            
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on
its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common
Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant
to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)             Fundamental
Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then the Holder shall have
the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would
have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the "Alternate
Consideration"). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. At the Holder's option and request, any successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions and
evidencing the Holder's right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof. The
terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or
surviving entity to comply with the provisions of this paragraph (b) and insuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

     

     

    

 

(c)            
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number
of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

 

(d)            
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th
of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by
or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(e)            
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will
promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment,
including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise
of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which
such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to
the Company's Transfer Agent.

 

(f)             
Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other
property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase
any capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder
approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the
Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction (but only
to the extent such disclosure would not result in the dissemination of material, non-public information to the Holder) at least 10 calendar
days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or
vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder is
given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction;
provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action
required to be described in such notice.

 

     

     

    

 

10.       Payment
of Exercise Price. The Holder may pay the Exercise Price in one of the following manners:

 

(a)            
Cash Exercise. The Holder may deliver immediately available funds; or

 

(b)            
Cashless Exercise. The Holder may notify the Company in an Exercise Notice of its election to utilize cashless exercise,
in which event the Company shall issue to the Holder the number of Warrant Units determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the Holder.

 

Y = the number of Warrant Shares with respect to which this
Warrant is being exercised.

 

A = the average of the daily volume weighted average price
for the Common Stock for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B = the Exercise Price.

 

For purposes of Rule 144 promulgated under the
Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be
deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date
this Warrant was originally issued.

 

11.              
Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may
be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary
to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such
Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder's for purposes
of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding shares of Common Stock (including
for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict
the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or
other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant.
This restriction may not be waived. Notwithstanding anything to the contrary contained in this Warrant, (a) no term of this Section may
be waived by any party, nor amended such that the threshold percentage of ownership would be directly or indirectly increased, (b) this
restriction runs with the Warrant and may not be modified or waived by any subsequent holder hereof and (c) any attempted waiver, modification
or amendment of this Section will be void ab initio.

 

12.       No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any
fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by
the closing price of one share of Common Stock as reported by the applicable Trading Market on the date of exercise, or round up to
the nearest whole share of Common Stock.

 

     

     

    

 

13.       Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in
writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the next
Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified
in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (iii) the Trading
Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party
to whom such notice is required to be given. The addresses for such communications shall be: (i) if to the Company, to Austin Gold Corp.,
Attn: President, email: dennis@senategroup.com (or such other address as the Company shall indicate in writing in accordance with
this Section), or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register or such other address or
facsimile number as the Holder may provide to the Company in accordance with this Section.

 

14.       Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days' notice to the Holder, the Company may appoint a
new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any
consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant
agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last address as shown on the Warrant Register.

 

15.       Miscellaneous.

 

(a)            
No Rights as a Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 5 except as expressly
set forth in Section 9. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant
to Section 10 (b) or to receive cash payments pursuant to Section 5(c) and 9(b), in no event shall the Company be required to net cash
settle an exercise of this warrant.

 

(b)           
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any
legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company
and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions on waivers and amendments
set forth in Section 11 of this Warrant.

 

     

     

    

 

(c)             All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and
the transactions herein contemplated ("Proceedings") (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding,
any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced in
an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant
or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then
the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such Proceeding.

 

(d)           
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(e)            
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)             
Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder
with respect to the Common Stock.

 

     

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	AUSTIN GOLD CORP.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

EXERCISE NOTICE

AUSTIN GOLD CORP.

WARRANT DATED [   ], 2021

 

The undersigned Holder hereby irrevocably elects to purchase
_ shares of Common Stock pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise defined have the
respective meanings set forth in the Warrant.

 

	(1)	The undersigned Holder hereby exercises its right to purchase __________ shares of Common Stock pursuant to the Warrant.
	 	 
	(2)	The holder (check one)  ̈ is exercising on a cashless basis
pursuant to Section 10(b) of the Warrants or  ̈ shall pay the sum of $______________________to
the Company in accordance with the terms of the Warrant.
	 	 

	(3)	Pursuant to this Exercise Notice, the Company shall deliver to the holder Common Stock in accordance with
the terms of the Warrant.
	 	 

	(4)	By its delivery of this Exercise Notice, the undersigned represents and
                                 warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the
                                 number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to
                                 be owned under Section 11 of the Warrant to which this notice relates.

 

	Dated:	 	 	Name of Holder:
	 	 	 	 	 
	 	 	 	(Print)	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 

     

     

    

 

Warrant Shares Exercise Log

 

	Date	Number of Warrant

 Shares Available to be 

Exercised	Number of Warrant Shares

 Exercised	Number of 

Warrant 

Shares 

Remaining to

 be Exercised
	 	 	 	 

 

     

     

    

 

AUSTIN GOLD CORP.

WARRANT DATED [   ], 2021

WARRANT NO.

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto ________________________________________ the right represented by the above-captioned Warrant to purchase ______
shares of Common Stock to which such Warrant relates and appoints _________________attorney to transfer said right on the books of
the Company with full power of substitution in the premises.

 

	Dated:	 	 	 	 	 
	 	 	 	 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	 
	 	 	Address of Transferee
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	In the presence of:

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