Austin Gold : UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 - Form 6-K

May 09, 2024 at 09:36 am EDT

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

				March 31,			December 31,
		Note		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.

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.

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 on cash and cash equivalents			(1,869	)		166
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.

AUSTIN GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Unaudited - Expressed in United States dollars, except for share data

	Note	Number of common shares		Share capital		Other reserves		AOCI			Deficit			Total
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.

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 Reporting using 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.

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.

(c) 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.

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

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 Creek			Lone Mountain			Stockade Mountain			Miller			Fourmile Basin			Total
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 and every year thereafter	$30,000

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 and every year thereafter⁽¹⁾	$30,000

⁽¹⁾Pre-production payments 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 and every six months thereafter	$25,000

6. E&E ASSETS (Continued)

The Company is required to incur minimum E&E expenditures on the property of $30,000 by May 16, 2023 (completed). On February 28, 2024, the Company executed an amendment to the mineral lease and option agreement with BMR eliminating the requirement of 2,000 meters of drilling by May 16, 2024.

BMR will retain a 2.0% net smelter return royalty on claims owned by BMR and 0.25% net smelter return royalty on third-party claims acquired within the area of influence around the property. Payments to BMR totaling $10,000,000 in any combination of pre-production payments, production or minimum royalties will reduce the production royalties on wholly owned claims by 50% to 1.0%.

7. PROPERTY AND EQUIPMENT

			Property and equipment
Net book value - December 31, 2023	$	827
	Additions		11,000
	Depreciation		(246	)
Net book value - March 31, 2024	$	11,581

Property and equipment consists of exploration equipment and information technology hardware.

8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

		March 31,		December 31,
		2024		2023
Trade payables	$	641,891	$	638,671
Accrued liabilities		16,648		37,934
	$	658,539	$	676,605

9. SHARE CAPITAL AND OTHER RESERVES

(a) Share capital

At March 31, 2024, the authorized share capital of the Company consisted of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value.

(b) Other reserves

The Company's other reserves consisted of the following:

		March 31,		December 31,
		2024		2023
Other reserve - Share options	$	2,697,988	$	2,296,229
Other reserve - Warrants		62,332		59,702
	$	2,760,320	$	2,355,931

9. SHARE CAPITAL AND OTHER RESERVES (Continued)

(c) Share options

The following table summarizes the changes in share options for the three months ended March 31:

			2024			2023
			Number of share options			Weighted average exercise price		Number of share options			Weighted average exercise price
Outstanding, January 1,		3,463,333		$	1.06		1,093,333		$	1.67
	Expired		(66,667	)		2.25		-			-
Outstanding, March 31,		3,396,666		$	1.03		1,093,333		$	1.67

The following table summarizes information about share options outstanding and exercisable at March 31, 2024:

	Share options outstanding	Share options exercisable
Exercise prices	Number of share options outstanding	Weighted average years to expiry	Number of share options exercisable		Weighted average exercise price
$0.50 - $1.00	2,830,003	4.40	345,000	$	0.92
$2.01 - $2.50	566,663	6.68	566,663		2.21
	3,396,666	4.78	911,663	$	1.72

Share-based compensation expense related to share options for the three months ended March 31, 2024 was $401,759 (2023 - $85,969) of which $351,848 (2023 - $71,642) has been expensed in the unaudited condensed interim consolidated statement of loss and comprehensive loss and $49,911 (2023 - $14,327) has been capitalized to E&E assets.

(d) Warrants

The following table summarizes the changes in warrants for the three months ended March 31:

			2024			2023
			Number of warrants			Warrant reserve		Number of warrants			Warrant reserve
Outstanding, January 1,		100,000		$	59,702		362,833		$	263,596
Transactions during the period:
	Value assigned to warrants vested - consultants		-			2,630		-			14,358
Outstanding, March 31,		100,000		$	62,332		362,833		$	277,954

9. SHARE CAPITAL AND OTHER RESERVES (Continued)

At March 31, 2024, the weighted average exercise price for the outstanding warrants is $0.81 (2023 - $3.41) and the weighted average remaining life is 1.59 years (2023 - 1.15 years).

10. RELATED PARTY TRANSACTIONS AND BALANCES

Key management includes the Company's directors and officers including its President, Vice President ("VP") Exploration, VP Business Development and Chief Financial Officer ("CFO").

Directors and key management compensation is as follows:

		For the three months ended
		March 31,		March 31,
		2024		2023
Share-based compensation	$	388,614	$	71,642
Management salaries and consulting fees		181,170		108,107
Directors' fees		18,337		18,216
	$	588,121	$	197,965

For the three months ended March 31, 2024, the Company's officers incurred $24,383 (2023 - $7,757) of expenses in the normal course of business on behalf of the Company.

For the three months ended March 31, 2024, the Company incurred $17,029 (2023 - $19,225) with P2 Gold Inc., a related party of the Company, under a CFO shared-services agreement. These expenditures were expensed under management salaries and consulting fees in the unaudited condensed interim consolidated statement of loss and comprehensive loss.

As at March 31, 2024, accounts payable and accrued liabilities include $39,287 (December 31, 2023 - $29,855) owed to related parties of the Company for transactions incurred in the normal course of business.

The Company entered into a joint venture agreement with Pediment, a subsidiary of NGE, for the Kelly Creek Project (refer to Note 6a) and owns 89,240 common shares of NGE. During the three months ended March 31, 2024, the Company purchased $11,000 of exploration equipment from NGE (refer to Note 7). As at March 31, 2024, the VP Business Development serves as interim Chief Executive Officer and director of NGE. In addition, a director of the Company serves as a director of NGE.

11. FINANCIAL RISK MANAGEMENT

The Company has exposure to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk from its use of financial instruments.

(a) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company's cash flows or value of its financial instruments.

11. FINANCIAL RISK MANAGEMENT (Continued)

(i)Currency risk

The Company is subject to currency risk on financial instruments that are denominated in currencies that are not the same as the functional currency of the entity that holds them. Exchange gains and losses would impact the consolidated statement of loss and comprehensive loss. The Company does not use any hedging instruments to reduce exposure to fluctuations in foreign currency rates.

The Company is exposed to currency risk through cash and cash equivalents, receivables and other, marketable securities and accounts payable and accrued liabilities held in the parent entity which are denominated in CAD.

The following table shows the impact on pre-tax loss of a 10% change in the USD:CAD exchange rate on financial assets and liabilities denominated in CAD, as of March 31, 2024, with all other variables held constant:

		Impact of currency rate change on pre-tax loss
		10% increase			10% decrease
Cash and cash equivalents	$	8,053		$	(8,053	)
Receivables and other		2,011			(2,011	)
Marketable securities		889			(889	)
Accounts payable and accrued liabilities		(7,963	)		7,963

(ii)Interest rate risk

The Company is subject to interest rate risk with respect to its investments in cash and cash equivalents and short-term investments. The Company's current policy is to invest cash at variable and fixed rates of interest with cash reserves to be maintained in cash and cash equivalents in order to maintain liquidity. Fluctuations in interest rates when cash and cash equivalents and short-term investments mature impact interest and finance income earned.

The impact on pre-tax loss of a 1% change in variable interest rates on financial assets and liabilities as of March 31, 2024, with all other variables held constant, would be nominal.

(b) Credit risk

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its financial assets including cash and cash equivalents and short-term investments.

The carrying amount of financial assets represents the maximum credit exposure:

		March 31,		December 31,
		2024		2023
Cash and cash equivalents	$	1,895,612	$	907,551
Short-term investments		6,643,011		8,618,386
	$	8,538,623	$	9,525,937

11. FINANCIAL RISK MANAGEMENT (Continued)

The Company mitigates its exposure to credit risk on financial assets through investing its cash and cash equivalents and short-term investments with Canadian Tier 1 chartered financial institutions. Management believes there is a nominal expected credit loss associated with its financial assets.

(c) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities.

The Company has issued surety bonds to support future decommissioning and restoration provisions.

Contractual undiscounted cash flow requirements for contractual obligations as at March 31, 2024 are as follows:

		Carrying amount		Contractual cash flows		Due within 1 year		Due within 2 years		Due within 3 years
Accounts payable and accrued liabilities	$	658,539	$	658,539	$	658,539	$	-	$	-
	$	658,539	$	658,539	$	658,539	$	-	$	-

(d) Fair value estimation

The Company's financial assets and liabilities are initially measured and recognized according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs.

The three levels of fair value hierarchy are as follows:

	Level 1:	Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	Level 2:	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
	Level 3:	Inputs for the asset or liability that are not based on observable market data.

The Company's financial instruments consisting of cash and cash equivalents, short-term investments and accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these financial instruments.

Marketable securities are fair valued at each reporting period using NGE's share price on the TSX Venture Exchange.

The following tables present the Company's financial assets and liabilities by level within the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

11. FINANCIAL RISK MANAGEMENT (Continued)

As at March 31, 2024		Carrying value		Fair value
			Fair value through profit or loss ("FVTPL")		Amortized cost		Level 1		Level 2		Level 3
Financial assets
	Cash and cash equivalents	$	-	$	1,895,612	$	-	$	-	$	-
	Short-term investments		-		6,643,011		-		-		-
	Marketable securities		8,891		-		8,891		-		-
		$	8,891	$	8,538,623	$	8,891	$	-	$	-

As at December 31, 2023		Carrying value		Fair value
			FVTPL		Amortized cost		Level 1		Level 2		Level 3

Financial assets
	Cash and cash equivalents	$	-	$	907,551	$	-	$	-	$	-
	Short-term investments		-		8,618,386		-		-		-
	Marketable securities		7,422		-		7,422		-		-
		$	7,422	$	9,525,937	$	7,422	$	-	$	-

12. COMMITMENTS

The Company executed an introductory agent agreement with BMR (the "BMR Agreement"). Under the BMR Agreement, should a mineral property recommended by BMR be acquired by the Company, the Company shall pay an introductory agent fee as follows:

Within 15 days of acquisition		$5,000
6 months after acquisition		$5,000
12 months after acquisition		$5,000
18 months after acquisition		$5,000
24 months after acquisition		$7,500
30 months after acquisition		$7,500
36 months after acquisition		$10,000
42 months after acquisition		$10,000
48 months after acquisition and every six months thereafter		$15,000

If commercial production is achieved on a property recommended by BMR, the Company shall pay a 0.5% net smelter return royalty on all mineral interests acquired within the area of influence of the mineral property. Introductory agent fees and net smelter return royalty payments totaling $1,000,000 paid by the Company will reduce the net smelter return royalty by 50% to 0.25%.

13. SEGMENTED INFORMATION

Exploration and development of mineral projects is considered the Company's single business segment. All of the Company's E&E assets are located in the USA.

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Austin Gold Corp. published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 13:35:04 UTC.

Market Closed - Nyse Other stock markets 04:10:00 2024-05-31 pm EDT			5-day change	1st Jan Change
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May. 08	Austin Gold Corp. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 25	Austin Gold Corp. Provides Update on Drilling Program At Stockade Mountain Project	CI

Austin Gold Corp. Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 08	CI
Austin Gold Corp. Provides Update on Drilling Program At Stockade Mountain Project	Mar. 25	CI
Austin Gold Corp. Completes the Third Diamond Drill Hole At Its Stockade Mountain Project Located in Malheur County, Oregon	Mar. 04	CI
Austin Gold Corp. Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 01	CI
Austin Gold Corp. Provides Update on Initial Drilling Program at Stockade Mountain Project Summary	Jan. 30	CI
Austin Gold Corp. Completes Drilling Program on the Miller Project, Elko County, Nevada	Dec. 22	CI
Austin Gold Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 08	CI
Austin Gold Corp. Starts Drilling At Stockade Mountain Project Summary	Nov. 02	CI
Austin Gold Corp. Provides Gold Project Updates	23-09-20	CI
Austin Gold Corp. Announces Executive Changes	23-08-10	CI
Austin Gold Corp. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-09	CI
Austin Gold Corp. Starts Drilling at Miller Project	23-07-26	CI
Austin American Corporation Announces Termination of Certain Claims At Kelly Creek	23-06-12	CI
Austin Gold Corp. Reports Earnings Results for the First Quarter Ended March 31, 2023	23-05-10	CI
Austin Gold Corp. Receives Approval from the Bureau of Land Management	23-05-05	CI
Austin Gold Corp. Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-15	CI
Austin Gold Corp. Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-15	CI
Austin Gold Corp. Provides Gold Projects Update	23-03-02	CI
Austin Gold Corp Provides the Projects Update	22-12-22	CI
Austin Gold Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-11-08	CI
Certain Common Shares of Austin Gold Corp. are subject to a Lock-Up Agreement Ending on 31-OCT-2022.	22-10-30	CI
Certain Warrants of Austin Gold Corp. are subject to a Lock-Up Agreement Ending on 31-OCT-2022.	22-10-30	CI
Certain Options of Austin Gold Corp. are subject to a Lock-Up Agreement Ending on 31-OCT-2022.	22-10-30	CI
Austin Gold Corp. Reports Kelly Creek Drilling Results	22-10-03	CI
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Austin Gold Corp.

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CA05223F1062

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Austin Gold : UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 - Form 6-K

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