Austin Gold Corp.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this MD&A are forward-looking statements or information (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, statements with respect to the future financial or operating performance of the Company and its subsidiary and its mineral projects, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources and mineral reserves, the realization of mineral resource and mineral reserve estimates, the timing and amount of estimated future capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, and limitations of insurance coverage. The Company is hereby providing cautionary statements identifying important factors that could cause the actual results of the Company to differ materially from those projected in the forward-looking statements.

Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook") are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

By their nature, forward-looking statements involve numerous assumptions, inherent risks, and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed. The risks, uncertainties, and other factors, many of which are beyond the control of the Company, that could influence actual results include, but are not limited to:

• continued trading of the Company's common shares on the NYSE American;

• our ability to successfully execute our overall strategy and goals;

• execution of our exploration and development plans for our mineral projects;

• our ability to carry out our current planned exploration programs and development plans with our current financial resources;

• we have a limited operating history and negative operating cash flows;

• the market price for gold and other minerals may not be sufficiently high to ensure that our planned exploration expenditures will be funded;

• we may not be able to demonstrate that any of our mineral projects warrant commercial development;

• we may not be able to access sufficient capital to carry out our business plans, exploration and development plans;

• our exploration and development costs may be higher than anticipated;

• our ability to obtain and comply with all required permits, licenses and regulatory requirements in carrying out our exploration and development plans;

• even if we are successful in demonstrating reserves on any of our properties, our mining projects may not achieve projected rates of production, cash flows, internal rates of return, payback periods or net present values;

• there may be lack of adequate infrastructure to support our mineral projects;

• employee recruitment and retention;

• the risk that title to our material properties may be impugned;

• environmental risks, including risks associated with compliance with environmental laws and the completion of any required environmental impact assessments or reclamation obligations;

• economic uncertainties, including changes and volatility in global capital, currency and commodity markets which may impact our ability to raise capital to execute our business, exploration and development plans and the demand for our planned mineral projects;

• economic uncertainties related to tariffs and import/export regulations;

• the effects of any pandemic, epidemic or other widespread public health emergency;

• the effects of commodity price fluctuations as a result of international conflicts, including, but not limited to, the Russian-Ukraine, Israel-Palestine and USA-Israel-Iran conflicts;

• competition from other mineral exploration and mining businesses;

• we have not demonstrated that any of our mineral properties contain mineral resources and, even if demonstrated, there is no assurance that any mineral resource estimates will be accurate as to exploration potential and mineral grades;

• any required change in mineral resource or mineral reserve estimation methodology;

• changes in the assumptions underlying the mineral resource estimates, which may result in a different (smaller) mineral resource estimate and other related matters;

• changes in laws and regulations;

• we may be subject to claims or legal proceedings;

• the possibility of a conflict of interest arising for certain of our directors and officers;

• volatility in the market price of the Company's common shares;

• future sales or issuances of equity securities could decrease the value of the Company's common shares, dilute shareholders' voting power and reduce future potential earnings per share;

• we intend to retain earnings, if any, to finance the growth and development of our business and do not intend to pay cash dividends on the Company's common shares in the foreseeable future;

• general business, economic, competitive, political and social uncertainties;

• the actual results of current and future exploration activities differing from projected results;

• the inability to meet various expected cost estimates;

• changes or downgrades in project parameters and/or economic assessments as plans continue to be refined;

• fluctuations in the future prices of metals;

• possible variations of mineral grade or recovery rates below those that are expected;

• the risk that actual costs may exceed estimated costs;

• failure of equipment or processes to operate as anticipated;

• accidents, labor disputes and other risks of the mining industry;

• political instability;

• delays in obtaining governmental approvals or financing or in the completion of development or construction activities; and

• global economic risks, including the occurrence of unforeseen or catastrophic events, such as political unrest, wars, or the emergence of a pandemic or other widespread health emergency, which could create economic and financial disruptions and require us to reduce or cease operations at some or all of our facilities for an indeterminate period of time, and which could have a material impact on our business, operations, personnel, and financial condition.

Such forward-looking information is necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The assumptions underlying the forward-looking information in this MD&A, which may prove to be incorrect, include, but are not limited to, assumptions relating to:

• future business and property integrations remaining successful;

• favorable and stable general macroeconomic conditions;

• securities markets;

• spot and forward prices of gold, silver, base metals and certain other commodities;

• currency markets (such as the CAD to USD exchange rate);

• no materially adverse changes in national and local government, legislation, taxation, controls, regulations and political or economic developments;

• that various risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding) will not materialize;

• the ability to complete planned exploration programs;

• the ability to continue raising the necessary capital to finance operations;

• the ability to obtain adequate insurance to cover risks and hazards on favorable terms;

• that changes to laws and regulations will not impose greater or adverse restrictions on mineral exploration or mining activities;

• the continued stability of employee relations;

• relationships with local communities and indigenous populations;

• that costs associated with mining inputs and labor will not materially increase;

• that mineral exploration and development activities (including obtaining necessary licenses, permits and approvals from government authorities) will be successful;

• no escalation in the severity of any pandemic, epidemic, or other widespread public health emergency, and no emergence of any new pandemic, epidemic, or other widespread public health emergency;

• no disruptions or delays due to a USA government shutdown; and

• the continued validity and ownership of title to properties.

Should one or more of the underlying assumptions prove incorrect, or should the risks and uncertainties materialize, actual results may vary materially from those described in the forward-looking statements.

Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.