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Here are a few analogies to describe Austin Gold (AUST):

• Austin Gold is like the 'R&D department' for gold mines, similar to how major gold producers like Barrick Gold (GOLD) or Newmont (NEM) explore for new deposits, but Austin Gold's sole business is this early-stage discovery.
• An independent 'scout' for gold deposits, akin to how major energy companies (e.g., ExxonMobil (XOM)) explore for new oil fields, but Austin Gold focuses entirely on finding gold.

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• Gold Exploration: Identifying and evaluating potential gold deposits on its mineral properties in Nevada.

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Austin Gold Corp. (AUST) is a gold exploration company. As such, it does not have traditional "customers" in the sense of selling products or services to other companies or individuals. Its primary business activity is identifying and exploring mineral property interests with the aim of discovering economically viable gold deposits. Should they succeed, the monetization of these discoveries typically occurs through potential sales of the properties, joint ventures with larger mining companies, or further development and eventual gold production (which would then have customers).

Therefore, Austin Gold Corp. does not have major customers to list at this stage of its operations.

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Dennis L. Higgs, Executive Chairman and Chief Executive Officer

Mr. Higgs has over forty years of experience in capital markets, involved in founding, financing, initial public listing, and building several companies, four of which were subject to successful takeover bids. He was the founding Director and Executive Chairman of Uranerz Energy Corporation for ten years, which listed shares on the NYSE and was acquired by Energy Fuels Inc. in 2015 in a $320 million business combination. He also advised in the building of URZ Energy, which was acquired by Azarga Uranium in 2018.

Grant Bond, Chief Financial Officer

Mr. Bond is a Chartered Professional Accountant (CPA, CA) with over 12 years of financial management experience in the mining industry. He has an extensive background in financial and risk management, financial reporting, and SOX compliance. He previously served as Corporate Controller at Pretium Resources Inc., where he managed accounting and financial reporting as the company transitioned from an explorer to a profitable intermediate gold producer. He currently serves as the Chief Financial Officer of P2 Gold Inc. Mr. Bond began his career in the assurance group at PricewaterhouseCoopers LLP.

Darcy A. Higgs, Vice President, Business Development

Mr. Higgs has over forty years of experience in capital markets, registered in Canada and the United States. He acted as a consultant to one of the largest private equity firms in China, guiding its $75 million investment in Pretium Resources Inc.

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.

Joseph J. Ovsenek, Chairman of the Board

Mr. Ovsenek is the Chairman of the Board for Austin Gold Corp. He was noted as the Chairman when Mr. Grant Bond was appointed as Chief Financial Officer of the company in 2022.

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The key risks to Austin Gold Corp. (AUST) are primarily related to its status as a gold exploration company with no current revenue generation.

1. Going Concern and Financing Risk: Austin Gold Corp. is an exploration company that has not generated revenue since its inception and has an accumulated deficit. Its auditors have issued "going concern" warnings, indicating substantial doubt about the company's ability to continue operations without obtaining additional equity financing. The company relies on further funding to support its operations and realize its assets, which presents a significant financial risk to shareholders.

2. Exploration Success Risk: As a gold exploration company, Austin Gold Corp. faces inherent uncertainties in its exploration activities. There is no guarantee that its expenditures will result in the discovery of commercial quantities of gold or other minerals. The exploration and development of mineral deposits are high-risk, speculative ventures, and few properties ultimately become producing mines.

3. Gold Price Volatility: While currently in the exploration phase, Austin Gold Corp.'s long-term financial performance, once it potentially reaches the production stage, would be significantly impacted by fluctuations in gold prices. Gold prices are subject to various economic, political, and market factors, and substantial declines could affect the company's future revenue and profitability.

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The addressable market for Austin Gold Corp.'s main product, gold, is the global gold market, with a significant component being the global gold mining market.

The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a compound annual growth rate (CAGR) of 6.51% from 2025 to 2030.

More specifically, the global gold mining market, which directly pertains to the extraction of gold, was estimated at USD 260.86 billion in 2024 and is projected to reach USD 710.08 billion by 2033, demonstrating a CAGR of 11.0% from 2025 to 2033. Another estimate for the global gold mining market indicates a size of USD 294.81 billion in 2025, with projections to grow to USD 765.85 billion by 2034, at a CAGR of 11.19% during the forecast period of 2026-2034.

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• Successful Exploration Results: Significant advancements and positive outcomes from strategic exploration activities are a primary driver. Ongoing efforts in geological mapping, geochemical sampling, and geophysical surveys at projects like Kelly Creek, Lone Mountain, and Stockade Mountain are crucial. Successful exploration is essential for discovering economically viable gold deposits and expanding known mineralization, which directly enhances the value of the company's assets and its future prospects.
• Advancement of Projects Towards Development and Production: Austin Gold Corp.'s long-term strategy involves transitioning its most promising projects from the exploration phase to development and ultimately production. Progress in permitting, such as securing water drilling permits, and moving forward with reverse circulation (RC) drilling programs, indicates a step closer to defining resources and eventually initiating gold sales. This progression is vital for creating long-term value.
• Formation of Strategic Partnerships and Joint Ventures: The company's business model includes the potential to enter into joint ventures or sell stakes in its projects to generate capital for further exploration and development. Recent announcements of new strategic partnerships are expected to boost Austin Gold Corp.'s market presence and drive growth by potentially de-risking projects and providing funding for accelerated development.
• Strategic Acquisitions: Recent acquisitions are indicative of a bold expansion strategy designed to enhance the company's market position and attract attention from industry analysts and investors. These acquisitions can provide access to new prospective territories and potentially higher-grade deposits, thereby increasing the overall asset base and future revenue potential.
• Favorable Gold Market Conditions: A surging demand for gold, often influenced by global economic uncertainties, could positively impact Austin Gold Corp.'s valuation. While an external factor, increases in gold prices significantly enhance the potential profitability and attractiveness of the company's exploration assets, making future development or monetization more lucrative.

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Share Issuance

• Austin Gold entered into an At-the-Market (ATM) Offering Agreement in February 2026, enabling the company to sell up to US$7.5 million in common shares.
• The company's accumulated deficit of $11,715,119 as of December 31, 2025, has been funded primarily through equity financing.
• The Common Stock value on the balance sheet increased from $2.7 million in fiscal year 2021 to $17.2 million in fiscal year 2025.

Inbound Investments

• As of March 2026, institutional investors own 62.08% of Austin Gold's stock.
• Institutional investors such as XTX Topco Ltd ($33.39K), Virtu Financial LLC ($30.33K), Peak Financial Management Inc. ($24K), and Ground Swell Capital LLC ($19.88K) have purchased Austin Gold's stock in the last 24 months.
• A new strategic partnership was formed in January 2026, anticipated to enhance Austin Gold Corp.'s market presence and foster growth.

Outbound Investments

• Austin Gold Corp. has engaged in recent acquisitions as part of an aggressive and calculated expansion strategy.

Capital Expenditures

• Most of Austin Gold's assets as of December 31, 2025, totaling $5.15 million, are attributed to exploration and evaluation properties.
• Operating cash outflows for 2025 were $1.48 million, which includes ongoing exploration spending.
• The anticipated net proceeds from the US$7.5 million ATM offering are expected to be used for the exploration of its properties, working capital, and general corporate purposes.