AUSTIN GOLD CORP.

UNAUDITED CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Expressed in United States dollars)

AUSTIN GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Unaudited - Expressed in United States dollars

Note

March 31,

December 31,

2024

2023

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

3

$

1,895,612

$

907,551

Short-term investments

4

6,643,011

8,618,386

Receivables and other

5

64,630

190,564

8,603,253

9,716,501

Non-current assets

Marketable securities

8,891

7,422

Exploration and evaluation ("E&E") assets

6

2,992,169

2,280,490

Property and equipment

7

11,581

827

Total assets

$

11,615,894

$

12,005,240

LIABILITIES

Current liabilities

Accounts payable and accrued liabilities

8,10

$

658,539

$

676,605

658,539

676,605

SHAREHOLDERS' EQUITY

Share capital

9

16,568,175

16,568,175

Other reserves

9

2,760,320

2,355,931

Accumulated other comprehensive income (loss) ("AOCI")

(574,949)

(574,949)

Deficit

(7,796,191)

(7,020,522)

10,957,355

11,328,635

Total liabilities and shareholders' equity

$

11,615,894

$

12,005,240

Nature of operations and going concern

1

Commitments

12

Approved on behalf of the Board of Directors:

"Benjamin D. Leboe"

"Joseph J. Ovsenek"

Benjamin D. Leboe

Joseph J. Ovsenek

Chair of the Audit Committee and Director

Chairman and Director

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

2

AUSTIN GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS Unaudited - Expressed in United States dollars, except for share data

For the three months ended

Note

March 31,

March 31,

2024

2023

Administrative expenses

Share-based compensation

9,10

$

354,478

$

86,000

Management salaries and consulting fees

10

165,613

126,323

Professional fees

114,021

129,760

Insurance

86,040

93,421

Investor relations and marketing

77,149

33,905

Listing and filing fees

59,891

83,328

General and administrative

9,190

4,803

Travel expenses

7,890

7,009

Shareholder information

7,412

23,211

Depreciation

7

246

88

Operating loss

(881,930)

(587,848)

Foreign exchange (loss) gain

(2,481)

593

Write-off of E&E assets

6

(1,050)

-

Unrealized fair value gain (loss) on marketable securities

1,469

(1,966)

Interest and finance income

108,473

103,584

Loss before taxes

(775,519)

(485,637)

Current income tax expense

(150)

-

Loss and comprehensive loss for the period

$

(775,669)

$

(485,637)

Loss per share - basic and diluted

$

(0.06)

$

(0.04)

Weighted average number of shares

13,271,750

13,271,750

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

3

AUSTIN GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited - Expressed in United States dollars

For the three months ended

Note

March 31,

March 31,

2024

2023

Cash flows used in operating activities

Net loss for the period

$

(775,669)

$

(485,637)

Items not affecting cash:

Current income tax expense

150

-

Depreciation

7

246

88

Interest and finance income

(108,473)

(103,584)

Share-based compensation

10

354,478

86,000

Unrealized fair value (gain) loss on marketable securities

(1,469)

1,966

Unrealized foreign exchange gain

(106)

(181)

Write-off of E&E assets

6

1,050

-

Changes in non-cash working capital items:

Receivables and other

126,772

170,162

Accounts payable and accrued liabilities

5,393

115,557

Net cash used in operating activities

(397,628)

(215,629)

Cash flows generated by investing activities

Purchase of property and equipment

7

(11,000)

-

Expenditures on E&E assets

(684,452)

(208,772)

Interest received

83,010

171,508

Purchase of short-term investments

(2,000,000)

(6,500,000)

Redemption of short-term investments

4,000,000

10,000,000

Net cash generated by investing activities

1,387,558

3,462,736

Increase in cash and cash equivalents

for the period

989,930

3,247,107

Cash and cash equivalents, beginning of period

3

907,551

630,623

Effect of foreign exchange rate changes

(1,869)

166

on cash and cash equivalents

Cash and cash equivalents, end of period

3

$

1,895,612

$

3,877,896

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

4

AUSTIN GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

Unaudited - Expressed in United States dollars, except for share data

Number of

Share

Other

AOCI

Deficit

Total

Note

common

capital

reserves

shares

Balance - December 31, 2022

13,271,750

$

16,329,958

$

2,044,692

$

(574,949)

$

(3,019,851)

$

14,779,850

Value assigned to share

options and warrants vested

9

-

-

100,327

-

-

100,327

Loss for the period

-

-

-

-

(485,637)

(485,637)

Balance - March 31, 2023

13,271,750

$

16,329,958

$

2,145,019

$

(574,949)

$

(3,505,488)

$

14,394,540

Balance - December 31, 2023

13,271,750

$

16,568,175

$

2,355,931

$

(574,949)

$

(7,020,522)

$

11,328,635

Value assigned to share

options and warrants vested

9

-

-

404,389

-

-

404,389

Loss for the period

-

-

-

-

(775,669)

(775,669)

Balance - March 31, 2024

13,271,750

$

16,568,175

$

2,760,320

$

(574,949)

$

(7,796,191)

$

10,957,355

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

5

AUSTIN GOLD CORP.

NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2024 and 2023

Expressed in United States dollars, except for share data

1. NATURE OF OPERATIONS AND GOING CONCERN

(a) Nature of operations

Austin Gold Corp. (the "Company") was incorporated on April 21, 2020, in British Columbia ("BC"), Canada. The Company is a reporting issuer in BC and its common shares are traded on the NYSE American stock exchange under the symbol "AUST". The Company's principal place of business is the 9th Floor, 1021 West Hastings Street, Vancouver, BC, Canada, V6E 0C3.

The Company is focused on the acquisition, exploration and evaluation of mineral resource properties primarily in the western United States of America ("USA").

The Company has not yet determined whether its mineral resource properties contain mineral reserves that are economically recoverable. The continued operation of the Company is dependent upon the preservation of its interest in its properties, the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration, evaluation and development of such properties and upon future profitable production or proceeds from the disposition of such properties.

(b) Going concern assumption

These unaudited condensed interim consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from March 31, 2024. The Company has incurred ongoing losses and expects to incur further losses in the advancement of its business activities. For the three months ended March 31, 2024, the Company incurred a net loss of $775,669 (2023 - $485,637) and used cash in operating activities of $397,628 (2023 - $215,629). As at March 31, 2024, the Company had cash and cash equivalents of $1,895,612 (December 31, 2023 - $907,551), a working capital (current assets less current liabilities) surplus of $7,944,714 (December 31, 2023

- $9,039,896) and an accumulated deficit of $7,796,191 (December 31, 2023 - $7,020,522).

The operations of the Company have primarily been funded by the issuance of common shares. These unaudited condensed consolidated interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

Management estimates its current working capital will be sufficient to fund its current level of activities for at least the next twelve months.

2. MATERIAL ACCOUNTING POLICY INFORMATION

(a) Statement of compliance

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reportingusing accounting policies consistent with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Company's material accounting policy information applied in these unaudited condensed interim consolidated financial statements are the same as those disclosed in Note 3 of the Company's annual consolidated financial statements for the years ended December 31, 2023, 2022 and 2021. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's most recent audited annual consolidated financial statements.

6

AUSTIN GOLD CORP.

NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2024 and 2023

Expressed in United States dollars, except for share data

2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

The functional currency of the Company and its subsidiary is the United States dollar ("USD" or "$"). The presentation currency of these unaudited condensed interim consolidated financial statements is USD. Any reference to Canadian dollars is denoted by "C$" or "CAD".

These unaudited condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 8, 2024.

(b) Significant accounting estimates and judgments

The preparation of financial statements requires the use of accounting estimates. It also requires management to exercise judgment in the process of applying its accounting policies. Estimates and policy judgments are regularly evaluated and are based on management's experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant accounting policy judgments include:

    • The assessment of the Company's ability to continue as a going concern which requires judgment related to future funding available to identify new business opportunities and meet working capital requirements, the outcome of which is uncertain (refer to Note 1b); and
    • The application of the Company's accounting policy for impairment of E&E assets which requires judgment to determine whether indicators of impairment exist including factors such as the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further E&E of resource properties are budgeted and evaluation of the results of E&E activities up to the reporting date. Management assessed impairment indicators for the Company's E&E assets and has concluded that no impairment indicators exist as of March 31, 2024.
  2. New accounting standards and recent pronouncements

The following standards, amendments and interpretations have been issued but are not yet effective:

  • In April 2024, the IASB issued IFRS 18 -Presentation and Disclosure in Financial Statements which will replace IAS 1,Presentation of Financial Statements. The new standard on presentation and disclosure in financial statements focuses on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to the structure of the statement of profit or loss, required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. Many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. This amendment is not expected to have a material impact on the Company.

There are no other IFRS Accounting Standards or International Financial Reporting Interpretations Committee interpretations that are not yet effective or early adopted that are expected to have a significant impact on the Company.

7

AUSTIN GOLD CORP.

NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2024 and 2023

Expressed in United States dollars, except for share data

3. CASH AND CASH EQUIVALENTS

The composition of cash and cash equivalents consists of:

March 31,

December 31,

2024

2023

Cash

$

894,774

$

907,551

Term deposits less than three months

1,000,838

-

$

1,895,612

$

907,551

4. SHORT-TERM INVESTMENTS

March 31,

December 31,

2024

2023

Term deposits

$

5,090,408

$

7,084,482

Redeemable short-term investment certificates ("RSTICs")

1,552,603

1,533,904

$

6,643,011

$

8,618,386

As at March 31, 2024, the term deposits mature between May 13, 2024 and November 18, 2024 and the RSTICs mature on July 17, 2024.

5. RECEIVABLES AND OTHER

March 31,

December 31,

2024

2023

Prepaid expenses and deposits

$

57,062

$

156,234

Tax receivables

7,568

34,330

$

64,630

$

190,564

8

AUSTIN GOLD CORP.

NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2024 and 2023

Expressed in United States dollars, except for share data

6. E&E ASSETS

The E&E assets of the Company, by property and nature of expenditure, as of March 31, 2024 were as follows:

Kelly

Lone

Stockade

Miller

Fourmile

Total

Creek

Mountain

Mountain

Basin

Balance - December 31, 2023

$

636,708

$

776,682

$

867,100

$

-

$

-

$

2,280,490

E&E expenditures:

Assays

-

-

20,644

-

-

20,644

Consulting

450

21,280

49,718

900

150

72,498

Drilling

-

-

532,112

-

-

532,112

Field supplies and rentals

-

402

17,717

-

-

18,119

Field work

-

-

4,490

-

-

4,490

Government payments

-

-

365

-

-

365

Share-based compensation

16,637

16,637

16,637

-

-

49,911

Technical and assessment reports

-

13,775

-

-

-

13,775

Travel

-

-

815

-

-

815

Write-off of E&E assets

-

-

-

(900)

(150)

(1,050)

Total E&E expenditures

17,087

52,094

642,498

-

-

711,679

Balance - March 31, 2024

$

653,795

$

828,776

$

1,509,598

$

-

$

-

$

2,992,169

(a) Kelly Creek Project (Nevada, USA)

The Company entered into an agreement with Pediment Gold LLC ("Pediment"), a subsidiary of Nevada Exploration Inc. ("NGE"), for an option to earn up to a 70% interest in a joint venture on the Kelly Creek Project.

On May 3, 2023, the Company and Pediment agreed to amend the terms of the option to enter joint venture agreement. Under this second amendment, the Company may exercise the option to earn a 51% interest in the project by incurring a cumulative total of C$2,500,000 (in progress) of E&E expenditures on the project by June 30, 2025. This total included the amount incurred on the project as of May 3, 2023 ($923,757).

The Company has the option to increase its participating interest by an additional 19% to a total of 70% by incurring an additional C$2,500,000 on E&E expenditures with no time limit, although the Company must continue to pay the underlying property lease payments and the United States Department of the Interior Bureau of Land Management ("BLM") and county fees to keep the properties subject to the joint venture in good standing.

There are minimum annual royalty payments required by the Company as part of an underlying agreement within the Kelly Creek Project. Under the Hot Pot agreement, the Company is subject to the following minimum payments:

September 16, 2021

$30,000

Paid

September 16, 2022

$30,000

Paid

September 16, 2023

$30,000

Paid

September 16, 2024

$30,000

and every year thereafter

9

AUSTIN GOLD CORP.

NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three months ended March 31, 2024 and 2023

Expressed in United States dollars, except for share data

6. E&E ASSETS (Continued)

Any mineral production on the claims is subject to a 3.0% net smelter return royalty which can be reduced to 2.0% upon payment of $2,000,000. The Hot Pot lease and any additional property within 2.5 miles of the original boundary of the claims is also subject to 1.25% net smelter return royalty in favour of Battle Mountain Gold Exploration Corporation.

(b) Lone Mountain Property (Nevada, USA)

The Company entered into a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO. Under the terms of the agreement, the Company is subject to the following pre-production payments:

Signing of the lease

$80,000

Paid

November 1, 2021

$30,000

Paid

November 1, 2022

$20,000

Paid

November 1, 2023

$20,000

Paid

November 1, 2024

$30,000

November 1, 2025

$30,000

and every year thereafter(1)

  1. Pre-productionpayments increase by $10,000 every year after November 1, 2025 to a maximum of $200,000.

The Company is required to incur the following minimum E&E expenditures on the property:

September 1, 2024

$150,000

Completed

September 1, 2025

$250,000

In progress

September 1, 2026

$300,000

In progress

September 1, 2027

$300,000

In progress

September 1, 2028

$400,000

In progress

September 1, 2029(1)

$400,000

In progress

  1. The work commitment terminates when $1,800,000 has been spent on the property.

Any mineral production on the claims is subject to a 3.0% net smelter return royalty. The net smelter return royalty can be reduced by 0.5% to 2.5% for $2,000,000. The Company has the option to purchase the entire interest in the project, except for the royalty, once there is a discovery of at least 500,000 ounces of gold (or equivalent in other metals) or a pre-feasibility study has been completed. The Company may exercise this option by payment of $2,000,000, reduced by the pre-production payments paid to the date of purchase.

(c) Stockade Mountain Project (Oregon, USA)

The Company entered into a mineral lease and option agreement with Bull Mountain Resources, LLC ("BMR") to lease a 100% interest in the Stockade Mountain Project. Under the terms of the agreement, the Company is subject to the following pre-production payments:

May 16, 2022

$15,000

Paid

November 16, 2022

$10,000

Paid

May 16, 2023

$10,000

Paid

November 16, 2023

$15,000

Paid

May 16, 2024

$15,000

November 16, 2024

$25,000

and every six months thereafter

10

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Austin Gold Corp. published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 04:06:06 UTC.