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The early-stage exploration equivalent of a major gold miner like Newmont (NEM) or Barrick Gold (GOLD), focused on finding the next big deposit rather than current production.

Similar to an independent "wildcat" oil and gas explorer, but for gold, trying to discover significant new resources that a large company like ExxonMobil (XOM) might eventually develop or acquire.

Think of it as a small, specialized prospector for gold, whose primary goal is to find attractive deposits that could eventually be acquired or developed by larger players like Kinross Gold (KGC) or Agnico Eagle (AEM).

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• Gold Exploration and Resource Delineation: Engaging in geological surveys, drilling, and analysis to identify and quantify gold deposits on their acquired mineral properties in Nevada.
• Mineral Property Development: Advancing promising gold projects through various stages, aiming to increase their value and attractiveness for future mining or partnership opportunities.

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Austin Gold Corp. (symbol: AUST) is a mineral exploration company focused on identifying and developing gold properties in Nevada, USA. As an exploration-stage company, Austin Gold is not yet in commercial production and therefore **does not have major customers** that purchase its products or services.

Its primary activities involve exploration and development, and its operations are funded by equity financing and investments rather than revenue generated from the sale of gold or other minerals.

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• ALS Global (TSX: ALS)
• Major Drilling Group International Inc. (TSX: MDI)

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Dennis L. Higgs Executive Chairman and Chief Executive Officer

Mr. Higgs has over forty years of experience in founding, financing, initial public listing, and building several companies, four of which have been subjects of successful takeover bids. He was the founding Director and Executive Chairman of Uranerz Energy Corporation for ten years, leading its listing on the NYSE. He was instrumental in the acquisition, financing, development, and production start-up of Uranerz's Nichols Ranch uranium production facility. Uranerz was acquired by Energy Fuels Inc. in 2015 in a $320 million business combination. He currently serves on the board of Energy Fuels Inc. The Austin Gold team, including Mr. Higgs, has been involved in building other mining successes such as Pretium Resources and SSR Mining.

Grant Bond Chief Financial Officer

Mr. Bond is a Chartered Professional Accountant (CPA, CA) with over twelve years of financial management experience in the mining industry. He possesses an extensive background in financial and risk management, financial reporting, and SOX compliance. Currently, he serves as the Chief Financial Officer of P2 Gold Inc. Prior to this, he was the Corporate Controller at Pretium Resources Inc., where he managed accounting and financial reporting as Pretium transitioned from an exploration company to a profitable intermediate gold producer. Mr. Bond began his career at PricewaterhouseCoopers LLP, focusing on mining clients.

Robert Hatch Vice President, Exploration

Mr. Hatch is a seasoned Exploration Geologist with over forty-five years of experience in exploration, management, permitting, and marketing. His primary focus has been on gold and silver projects across the United States, Australia, and New Zealand. He emphasizes understanding both regional geological controls on deposit location and the concepts of deposit genesis to enhance exploration success and reduce risks.

Darcy A. Higgs Vice President, Business Development

Mr. Higgs is registered in Canada and the United States. He has acted as a consultant to one of China's largest private equity firms, guiding its $75 million investment in Pretium Resources Inc. He holds a Bachelor of Commerce (Finance) degree from the University of British Columbia.

Joseph J. Ovsenek Chairman of the Board

Mr. Ovsenek is the Chairman of the Board for Austin Gold Corp. The Austin Gold team, with which Mr. Ovsenek is involved, has a history of building successful mining companies, including Pretium Resources ("PVG"), Silver Standard Resources (now SSR Mining ("SSRM")), and Uranerz Energy (acquired by Energy Fuels ("UUUU")), all of which achieved billion-dollar-plus market capitalizations.

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Key Risks to Austin Gold (AUST)

1. Exploration and Development Risk (No Commercial Production): Austin Gold is an exploration company with no history of mining or refining mineral products. Its properties are considered a high-risk, speculative venture, and there is no guarantee that exploration expenditures will lead to the discovery of commercially viable quantities of gold or other minerals. The exploration and development of mineral deposits involve a high degree of financial risk over a significant period.
2. Financial Risk (Lack of Revenue and Sustained Losses): The company generates less than $1 million in revenue (specifically $0) and has experienced declining earnings over the past five years. Austin Gold has reported net and comprehensive losses, along with decreases in cash and short-term investments, reflecting challenges in managing administrative expenses and maintaining exploration and evaluation assets. Gold exploration and development are capital-intensive, and sustained losses highlight ongoing financial challenges.
3. High Stock Price Volatility: Austin Gold's share price has exhibited significant volatility compared to the broader US market, with its weekly volatility being higher than 75% of US stocks. This stock is characterized as "high risk" due to rapid price fluctuations and a wide prediction interval, making it susceptible to unexpected downward movements.

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The increasing adoption and institutional acceptance of cryptocurrencies, particularly Bitcoin, as an alternative safe-haven asset and store of value could diminish gold's long-standing role, potentially reducing future demand and price for the commodity Austin Gold aims to discover.

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The addressable markets for Austin Gold's primary business, which involves the exploration, acquisition, and development of gold properties, are significant both globally and within its key operating region in the United States.

Global Gold Mining Market

The global gold mining market was valued at approximately USD 215.49 billion in 2024. It is projected to grow to about USD 314.68 billion by 2035, with a compound annual growth rate (CAGR) of 3.5% from 2025 to 2035. Another estimate places the global gold mining market at around USD 267.87 billion in 2024, with a projection to reach USD 402.34 billion by 2034, demonstrating a CAGR of roughly 3.9% between 2025 and 2034.

Nevada (U.S.) Gold Mining Market

Austin Gold focuses on projects primarily in the Western United States, with a particular emphasis on Nevada. Nevada's mining industry, largely driven by gold, is a substantial market valued at $12 billion annually. In 2021, Nevada's mines produced over $9.7 billion in mineral commodities, excluding construction aggregates. Nevada is also a leading global gold producer, ranking as the 4th largest worldwide and contributing approximately 4.4% of the world's total gold production. By 2025, Nevada's gold mines are projected to produce over 5 million ounces annually, accounting for nearly 80% of the total U.S. gold output.

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Austin Gold (AUST) is an early-stage gold exploration company currently without revenue or positive cash flow from operations. Therefore, expected drivers of future revenue growth over the next 2-3 years primarily focus on increasing the value of its assets and progressing towards a revenue-generating stage.

Here are 3-5 expected drivers of future revenue growth for Austin Gold:

1. Successful Exploration and Resource Delineation at Nevada Projects: The company's primary focus is on the acquisition, exploration, and evaluation of mineral property interests in Nevada, including its Kelly Creek, Lone Mountain, Fourmile Basin, and Miller projects. Successfully identifying and delineating economically viable gold deposits at these properties would be the most significant driver, as it would establish the foundation for future mining operations and eventual revenue generation. The company continues to advance its U.S. exploration with new geophysics and drilling plans.
2. Favorable Gold Price Environment: While not directly controlled by Austin Gold, a sustained increase in gold prices significantly enhances the economic viability of potential future mining projects and the overall valuation of its gold exploration assets. Experts anticipate that gold prices will continue to rise, which could provide a substantial tailwind for gold exploration companies.
3. Advancement of Projects Through the Development Pipeline: Progressing its exploration projects through various stages of mining development, such as preliminary economic assessments (PEA), pre-feasibility studies (PFS), and feasibility studies (FS), would de-risk projects and attract the necessary capital for construction and production. This advancement is crucial for eventually transitioning from an exploration company to a revenue-generating producer.
4. Strategic Financing and Capital Raises: As an exploration company, ongoing operations are capital-intensive. Maintaining a strong financial position through successful capital raises or strategic partnerships is critical to funding exploration activities and advancing projects. Austin Gold has been noted as "incredibly well-funded" for an exploration company, which provides runway for its activities.

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Share Repurchases

• No share repurchases were reported over the last 3-5 years.

Share Issuance

• Austin Gold completed an Initial Public Offering (IPO) on May 3, 2022, with its common shares beginning to trade on the NYSE American on May 4, 2022.
• The IPO involved the issuance of 3,265,000 common shares at a price of $4.00 per share.
• The company received net proceeds of approximately $13.85 million from the IPO, which included the underwriters' exercise of their option to acquire an additional 489,750 shares.

Outbound Investments

• Austin Gold was founded in 2020 with a focus on gold exploration and has acquired several mineral exploration projects in the western United States, primarily in Nevada and Oregon.
• The company holds an option to Joint Venture the Kelly Creek Project with Pediment Gold LLC, a subsidiary of Nevada Exploration Inc.
• Austin Gold has also acquired three other non-material mineral exploration projects: Lone Mountain, Miller, and Fourmile Basin.

Capital Expenditures

• Expenditures on exploration and evaluation (E&E) assets were $2,096,354 in 2024, $1,563,428 in 2023, and $1,066,431 in 2022.
• In 2024, significant capital expenditures were primarily focused on concluding the drill program at the Stockade Mountain Project, additional staking of mineral claims at the Lone Mountain and Stockade Mountain projects, and maintaining Black-Litterman Model (BLM) fees for all three mineral projects.
• The company had capital expenditures of -$969,440 in the last 12 months (as of an unspecified date, likely referring to the latest available financial reporting period within 2024).