Austin Gold Corp

Project Update

At theStockade Mountain Project, an in-depth review and modeling of a historical gradient-array IP-resistivity survey suggests that it was not suitable for imaging potential vein-hosting structures at the depths of 200-300 metres, which are the target depths for this project. Accordingly, the Company has designed a detailed geophysical CSAMT survey to acquire better imaging of target structures. The Company is in the queue with a contractor for this survey and expects it will be completed this year, subject to weather and ground conditions. The reverse circulation ("RC") drilling program anticipated for 2025 is being deferred until 2026 to allow incorporation of the CSAMT results into drill targeting.

The Company has received permission from the Oregon Water Resources Department to drill a water well to produce water for exploration drilling and is planning to drill the well in the fourth quarter of 2025 to ensure water is available for future drilling campaigns.

At theLone Mountain Project, the Company continues to advance exploration with detailed geological mapping, geochemical sampling, and gravity geophysics.

As previously reported, Austin completed a soil and stream sediment sampling program consisting of 2,027 soil and 122 stream sediment samples. Further analysis of data from the 2024 soil sampling program revealed unusual patterns for a few of the elements that are not normally used for Carlin-type gold deposit exploration.

Re-assay of the samples has been completed with minimal overall change in the elements useful for Carlin-type gold deposit targeting. These results show significant enrichments of arsenic, antimony, and thallium over large areas of the property that are associated with gold anomalies in the soils up to 0.128 g/t. The Company is in the process of incorporating the soil results with the detailed geological mapping and gravity geophysics surveys.

Although significant historical exploration has been conducted at Lone Mountain, large areas of the property remain untested, or minimally tested, by drilling.

Robert M. Hatch, the Qualified Person for Austin as defined by National Instrument 43-101 -Standards of Disclosure for Mineral Projects, has approved the scientific and technical information in this news release.