Austin Gold Corp.

**25.7 Target Areas and Potential

Geological, geochemical, and historical drilling data indicate that the principal target areas identified on the Stockade Mountain Project are as follows:

**25.7.1 Opal Hill / Number 9 Vein Discovery Area

The Opal Hill / Number 9 Vein area represents the most extensively explored and best-defined zone of gold mineralization identified on the Stockade Mountain Project. The target area is centered on a rhyolite dome where mineralization is associated with a series of northwest-trending opal/chalcedony and breccia vein structures hosted within altered intrusive rhyolite and associated breccia units. The Number 9 Vein zone can be traced discontinuously for at least 1,200 meters along strike and consists of multiple subparallel veins distributed across a zone up to approximately 75 meters in width, with individual veins ranging from less than one meter to several meters in thickness.

Historical drilling completed by Phelps Dodge and Placer Dome defined gold mineralization within the dome, with mineralized intervals occurring over broad thicknesses. Drilling results indicate that mineralization is present throughout the dome and extends to the limits of drilling. Core drilling by Austin Gold confirmed the earlier interpretations that the gold mineralization occurs as a stockworks of small quartz/chalcedony and breccia veins withing largely silicified rhyolite. Mineralization is not uniformly distributed, and zones of higher-grade mineralization are separated by intervals of lower- grade or weakly mineralized material.

Geological relationships observed in mapping and drilling suggest that mineralization is structurally controlled and localized along zones of enhanced permeability associated with the margins of the rhyolite dome and related breccia units. The distribution of mineralization, together with the presence of stockwork and breccia-style veining, indicates that the Opal Hill area represents a significant zone of hydrothermal fluid flow within the broader mineralized system. Geophysical data from the 2025 CSAMT survey identify a corresponding zone of high resistivity associated with the rhyolite dome and adjacent structural features, supporting the interpretation of fluid pathways and the distribution of mineralization at depth.

**25.7.2 The Craters Target Area

The Craters area represents a zone of extensive brecciation and hydrothermal activity located near the margins of the rhyolite dome and associated breccia units. This area is characterized by multiple hydrothermal vent features, expressed at surface as shallow depressions surrounded by accumulations of ejected breccia fragments. These vent-related breccias consist of angular to subrounded fragments of rhyolitic material that have been strongly silicified and cemented by opal and chalcedony.

Geological mapping indicates that the Craters area contains widespread silicified breccia units and associated alteration developed within both domal breccias and interbedded tuffaceous units. Silicification is most intense adjacent to northwest-trending structural zones, where chalcedony and opal deposition have occurred within both fracture zones and permeable stratigraphic horizons. The distribution of alteration and brecciation suggests that hydrothermal fluids were focused along structural pathways and laterally along permeable units within the volcanic sequence.

Historical drilling within the Craters area has intersected zones of stockwork veining and silicification similar in character to those observed within the Opal Hill area; however, reported gold values are generally lower and less continuous. Drilling results indicate that mineralization is present but variable, and that the distribution of mineralization may be influenced by host rock permeability and proximity to structural conduits. Geophysical data from the 2025 CSAMT survey identify moderately high-resistivity feeder zones beneath the vent area, supporting the interpretation of vertically oriented structures that may have acted as pathways for hydrothermal fluids.

**25.7.3 Vents and Dome Target Area

The Vents and Dome area is considered to be a secondary target area and comprises zones of silicification and opalization developed within a rhyolite dome and associated carapace breccia, along with features interpreted as hydrothermal vent-related activity. Surface exposures include areas of strongly altered rhyolite and breccia, where opal and chalcedony replacement have occurred within both intrusive and volcaniclastic units.

Geological relationships indicate that this area represents a near-surface expression of hydrothermal activity associated with the broader system. Alteration is developed within both the dome and adjacent breccia units and is spatially associated with structural zones and permeable lithologies. The presence of vent-related features and widespread silicification indicates that hydrothermal fluids were active in this area and resulted in localized zones of intense alteration.

Geophysical data, including airborne radiometric surveys, indicate anomalous potassium values within this area, which may reflect the presence of potassium-bearing alteration minerals within the hydrothermal system. This information supports the interpretation that the Vents and Dome area represents a zone of hydrothermal alteration associated with the broader mineralized system. Geophysical data from the 2025 CSAMT survey identify a zone of elevated resistivity at depth beneath this area, consistent with silicified rhyolitic units and supporting the interpretation of a subsurface intrusive body and associated hydrothermal alteration.