false 2022 FY --12-31 0001448597

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 2022-12-31

 0001448597

 2022-06-30

 0001448597

 2023-03-15

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K/A

 (Amendment No. 1)

 ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2022

 TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 Commission File No. 000-54653

 AUGUSTA GOLD CORP.

 (Exact Name of Registrant as Specified in Its
Charter)

 Nevada

 41-2252162

 (State or Other Jurisdiction

 Of Incorporation or Organization)

 (I.R.S. Employer Identification

 Number)

 Suite
 555 – 999 Canada Place

 Vancouver, BC,
 Canada

 V6C
 3E1

 (Address of Principal Executive Offices)

 (Zip Code)

 Registrant's telephone number, including
area code ( 604) 687-1717

 Securities registered pursuant to Section 12(b) of the Act: None

 Securities registered pursuant to Section 12(g) of the Act: Common
Stock, $0.0001 par value per share

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes No

by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes No

 Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards p rovided pursuant to Section 13(a) of the Exchange Act.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act.) Yes No

 The aggregate market value of the voting and
non-voting common equity held by non-affiliates computed by reference to the price at which the common stock was last sold as of the
last business day of the registrant's most recently completed second fiscal quarter was $ 37,573,924.

 Indicate the number of shares outstanding of
each of the issuer's classes of common stock, as of the latest practicable date: 85,929,753 shares of common stock par value $0.0001,
were outstanding on December 19, 2023.

 Auditor Firm ID:

 Auditor Name:

 DAVIDSON & COMPANY LLP

 Auditor Location:

 Vancouver, Canada

 EXPLANATORY NOTE

 Augusta Gold Corp. (the
"Company") hereby files this Amendment No. 1 (the "Amended Report") to its annual report on Form 10-K
as originally filed with the SEC on March 16, 2023 (the "Original Report") to update our mineral property disclosures
in the Original Report to align with certain of the technical requirements of subpart 1300 of Regulation S-K ("S-K 1300").
This Amended Report is being filed to (i) amend "Item 2. Properties", and (ii) file amended versions of "Exhibit 96.1
S-K 1300 Technical Report, Mineral Resource Estimate, Bullfrog Gold Project, Nye County, Nevada" and "Exhibit 96.2 Mineral
Resource Estimate for the Reward Project, Nye County, Nevada, USA", in each case, to update only the following disclosure:

 Revisions to include cutoff grades for our mineral resource estimates and related disclosure thereto;

 Revisions to opinions of certain qualified persons to conform to respective requirements of S-K 1300;
and

 Revisions to explain with particularity, your reasons for using the selected commodity price, including
the material assumptions underlying this selection

 These updates do not
change the conclusions, economic results, or mineral resources estimates. This Amended Report also contains updated consents of
the authors of the revised technical report summary filed as exhibits hereto.

 In addition, pursuant
to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, as a result of this Form 10-K/A, the Company is refiling
the certifications of the Company's Chief Executive Officer and Chief Financial Officer, required pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, as exhibits 31.1 and 31.2 to this Form 10-K/A.

 Outside of changes to
the items and exhibit as noted above, the updated consents of the authors of the technical reports, and the certifications of the Chief
Executive Officer and Chief Financial Officer, this Amended Report does not otherwise amend, supplement, update or revise any portion
of the Original Report which remains unchanged since the date of its filing. Furthermore, this Amended Report does not change any previously
reported financial results, nor does it reflect events occurring after the date of the Original Report. Information not affected by this
Form 10-K/A remains unchanged and reflects the disclosures made at the time the Original Report was filed. Accordingly, this Form 10-K/A
should be read in conjunction with the Original Report and the Company's other filings with the SEC subsequent to the filing of
the Original Report.

 ii

 CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES
OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE MINERAL RESERVES

 We are subject to the reporting requirements of
the Securities Exchange Act of 1934, as amended (the " Exchange Act ") and applicable Canadian securities laws, and as
a result we report our mineral reserves and mineral resources according to two different standards. U.S. reporting requirements are governed
by subpart 1300 of Regulation S-K under the Exchange Act (" S-K 1300 "). Canadian reporting requirements for disclosure
of mineral properties are governed by NI 43-101. Both sets of reporting standards have similar goals in terms of conveying an appropriate
level of confidence in the disclosures being reported, but the standards embody slightly different approaches and definitions.

 In our public filings in the U.S. and Canada and
in certain other announcements not filed with the SEC, we disclose proven and probable reserves and measured, indicated and inferred resources,
each as defined in S-K 1300 and NI 43-101. As currently reported, there are no material differences in our disclosed measured, indicated
and inferred resource under each of S-K 1300 and NI 43-101. The estimation of measured resources and indicated resources involve greater
uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves, and therefore investors
are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K 1300-compliant or
NI 43-101-compliant reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources
will ever be upgraded to a higher category. Therefore, investors are cautioned not to assume that all or any part of inferred resources
exist, or that they can be mined legally or economically.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS

 This Annual Report on Form 10-K/A and the
exhibits attached hereto contain "forward-looking statements" within the meaning of the United States Private Securities Litigation
Reform Act of 1995, as amended, and "forward-looking information" within the meaning of applicable Canadian securities legislation,
collectively "forward-looking statements". Such forward-looking statements concern our anticipated results and developments
in the operations of the Company in future periods, planned exploration activities, the adequacy of the Company's financial resources
and other events or conditions that may occur in the future. Forward-looking statements are frequently, but not always, identified by
words such as "expects," "anticipates," "believes," "intends," "estimates,"
"potential," "possible" and similar expressions, or statements that events, conditions or results "will,"
"may," "could" or "should" (or the negative and grammatical variations of any of these terms) occur
or be achieved. These forward looking statements may include, but are not limited to, statements concerning:

 the Company's strategies and objectives, both generally and in respect of the Bullfrog Gold Project
and Reward Gold Project;

 the recommendations of the Technical Reports for the Bullfrog Gold Project and Reward Gold Project;

 the Company's decisions regarding the timing and costs of exploration programs with respect to,
and the issuance of the necessary permits and authorizations required for, the Company's exploration programs at the Bullfrog Gold
Project and Reward Gold Project;

 the Company's estimates of the quality and quantity of the mineralized materials at its mineral
properties;

 the potential discovery and delineation of mineral deposits/reserves and any expansion thereof beyond
the current estimate;

 the Company's expectation that it will become a gold producer;

 the Company's estimates of future operating and financial performance;

 the Company's potential funding requirements and sources of capital, including near-term sources
of additional cash and long-term financing through the sale of equity and/or debt financings and through the exercise of stock options
and warrants;

 the Company's expectation that the Company will continue to raise capital;

 the Company's expectation that the Company will continue to incur losses and will not pay dividends
for the foreseeable future;

 the Company's estimates of its future cash position;

 the Company's anticipated general business and economic conditions;

 the Company's ability to meet its financial obligations as they come due, and to be able to raise
the necessary funds to continue operations; and

 that the Company will operate at a loss for the foreseeable future.

 Such forward-looking statements reflect the Company's
current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions. Many factors
could cause actual results, performance or achievements to be materially different from any future results, performance or achievements
that may be expressed or implied by such forward-looking statements, including, among others, risks related to:

 our history of losses;

 negative cash flow;

 our limited operating history;

 increased costs affecting our financial condition;

 the Bullfrog Gold Project and Reward Gold Project being in the exploration stage;

 whether the Bullfrog Gold Project and Reward Gold Project are feasible;

 the Bullfrog Gold Project and Reward Gold Project requiring substantial capital investment;

 our inability to obtain required permits;

 our status as a junior mining company;

 difficulties in managing growth;

 our potential loss of key persons;

 risks related to the evolving novel coronavirus ("COVID-19") pandemic and health crisis and
the governmental and regulatory actions taken in response thereto;

 the risks of mineral exploration;

 evaluation uncertainty in estimating mineralized material;

 changes in estimates of mineralized material;

 our exploration projects not succeeding;

 price volatility of gold and silver;

 environmental regulations;

 challenges to title to our properties;

 amendments to mining law;

 supply shortages;

 inability to maintain infrastructure to conduct exploration activities;

 new regulation related to climate change;

 relationships with communities in which we operate;

 newly adopted mining disclosure regulations;

 evolving corporate standards;

 Canadian reporting requirements; and

 The price of the shares of common stock being volatile.

 Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list
of factors that may affect any of the Company's forward-looking statements is not exhaustive. Forward-looking statements are statements
about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ
materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including
without limitation those discussed in "Part I, Item 1A, Risk Factors", of our Annual Report on Form 10-K as
filed with the SEC on March 16, 2023, as well as other factors described elsewhere in that Annual Report, this report and the Company's
other reports filed with the SEC.

 The Company's forward-looking statements
contained in this Annual Report on Form 10-K/A are based on the beliefs, expectations and opinions of management as of the date of
this Annual Report. The Company does not assume any obligation to update forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, investors should not attribute
undue certainty to or place undue reliance on forward-looking statements.

 GLOSSARY OF SELECTED MINING TERMS

 Ag

 Silver

 Au

 Gold

 Breccia

 Broken sedimentary and volcanic rock fragments cemented by a fine-grained matrix

 Clastic Rock

 Fragments, or clasts, of pre-existing minerals

 Cutoff Grade

 The grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio.

 Deposit

 A mineralized body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures. Such a deposit does not qualify as a commercially mineable ore body or as containing reserves or ore, unless final legal, technical and economic factors are resolved

 Detachment Fault

 A regionally extensive, gently dipping normal fault that is commonly associated with extension in large blocks of the earth's crust

 g/t

 Grams per metric tonne

 Metamorphic Rock

 Rock that has transformed to another rock form after intense heat and pressure

 Miocene

 A geologic era that extended from 5 million to 23 million years ago

 Mineralization

 The concentration of metals and their chemical compounds within a body of rock

 Net Smelter Royalty

 A percentage payable to an owner or lessee from the production or net proceeds received by the operator from a smelter or refinery, less transportation, insurance, smelting and refining costs and penalties as set out in a royalty agreement.

 Paleozoic

 A geologic era extending from 230 million to 540 million years ago

 Photogrammetry

 The science of making measurements from photographs; the output is typically a map or a drawing

 Proterozoic

 A geologic era extending from 540 million years to 2,500 million years ago.

 Reverse Circulation (RC)

 A drilling method whereby drill cuttings are returned to the surface through the annulus between inner and outer drill rods, thereby minimizing contamination from wall rock.

 Rhyolite

 An igneous, volcanic extrusive rock containing more than 65% silica.

 Schist

 A group metamorphic rocks that contain more than 50% platy and elongated minerals such as mica.

 Siliciclastic Rock

 Non-carbonate sedimentary rocks that are almost exclusively silicas-bearing, either as quartz or silicate minerals.

 Tertiary

 A geologic era from 2.6 million to 65 million years ago.

 S-K 1300 Definitions

 Exploration Stage Issuer

 An "exploration stage issuer" is an issuer that has no material property with mineral reserves disclosed.

 Exploration Stage Property

 An "exploration stage property" is a property that has no mineral reserves disclosed.

 Development Stage Issuer

 A "development stage issuer" is an issuer that is engaged in the preparation of mineral reserves for extraction on at least one material property.

 Development Stage Property

 A "development stage property" is a property that has mineral reserves disclosed, pursuant to this subpart, but no material extraction.

 Indicated Mineral Resource

 An "indicated mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve

 Inferred Mineral Resource

 An "inferred mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

 Measured Mineral Resource

 A "measured mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

 Mineral Reserve

 A "mineral reserve" is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted

 Mineral Resource

 A "mineral resource" is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

 Modifying Factors

 Modifying factors are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.

 Probable Reserve

 A "probable mineral reserve" is the economically mineable part of an indicated and, in some cases, a measured mineral resource.

 Production Stage Issuer

 A "production stage issuer" is an issuer that is engaged in material extraction of mineral reserves on at least one material property.

 Production Stage Property

 A "production stage property" is a property with material extraction of mineral reserves.

 Proven Reserve

 A "proven mineral reserve" is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

 USE OF NAMES

 In this Annual Report on Form 10-K/A, unless
the context otherwise requires, the terms we, us, our, Augusta Gold, Augusta Gold
Corp. or the Company refer to Augusta Gold Corp., a Delaware corporation, and its subsidiaries.

 CURRENCY

 References to CDN or C$ refer to Canadian currency
and USD or $ to United States currency.

 METRIC CONVERSION TABLE

 To Convert Metric Measurement Units

 To Imperial Measurement Units

 Multiply by

 Hectares

 Acres

 2.4710

 Meters

 Feet

 3.2808

 Kilometers

 Miles

 0.6214

 Tons (short)

 1.1023

 Liters

 Gallons

 0.2642

 Grams

 Ounces (troy)

 0.0322

 Grams per tonne

 Ounces (troy) per ton (short)

 0.0292

 ITEM 2. PROPERTIES

 Technical Report Summaries

 The technical report
for the Bullfrog Gold Project is the technical report summary, prepared pursuant to S-K 1300, entitled "S-K 1300 Technical Report,
Mineral Resource Estimate, Bullfrog Gold Project, Nye County, Nevada" with an effective date of December 31, 2021, and an issue
date of March 16, 2022 (the "Bullfrog Technical Report").

 The Bullfrog Technical
Report was prepared by Forte Dynamics, Inc. under the supervision of Russ Downer, P. Eng. and Adam House, MMSA QP, each of whom is
a qualified person under S-K 1300 and NI 43-101.

 The description of the
Bullfrog Gold Project contained herein is based upon the Bullfrog Technical Report.

 The technical report
for the Reward Gold Project is the technical report summary, prepared pursuant to S-K 1300, entitled "Mineral Resource Estimate
for the Reward Project, Nye County, Nevada" with an effective date of May 31, 2022, and an issue date of June 29, 2022
(the "Reward Technical Report").

 The Reward Technical
Report was prepared by Michael Dufresne, M.Sc., P. Geol., P.Geo, and Timothy D. Scott, SME, each of whom is a qualified person under S-K
1300 and NI 43-101.

 The description of the
Reward Gold Project contained herein is based upon the Reward Technical Report.

 Summary of Mineral Properties

 Augusta Gold currently
has interests in four gold exploration properties located in the state of Nevada, including the Bullfrog Gold Project and the Reward Gold
Project. Each of the properties are exploration stage properties with measured, indicated and inferred resources but no known mineral
reserves and our primary operations are exploring these properties to move them towards a development decision.

 Ownership Interests

 At our Bullfrog Project, we have four option/lease/purchase agreements in place and, with the additional claims it has located, give it control of 734 unpatented lode mining claims and mill site claims, and 87 patented mining claims. The claims do not have an expiration date, as long as the fees and obligations are maintained. For additional details see "Bullfrog Gold Project, Nye County Nevada – Property Holdings" below.

 At our Reward Project, the project encompasses 123 unpatented Bureau of Land Management (BLM) placer and lode mining claims and six patented placer mining claims, totalling approximately 2,333 net acres (944 hectares). Only the patented claims have been legally surveyed. Under United States mining law, claims may be renewed annually for an unlimited number of years upon a small payment per claim (currently $155 per claim due to the BLM and an aggregate $1,502 due to Nye County) and the same claim status-whether lode or placer-may be used for exploration or exploitation of the lodes or placers.

 Several blocks of unpatented claims are leased
by CR Reward from underlying owners, and are referred to as Connolly, Webster, Orser-McFall and Van Meeteren leases.

 In total our options
and leases cover 15,998 net acres in the aggregate, consisting of a mix of 93 patented mining claims, 857 unpatented mining claims
either leased with option to purchase, or joint ventured, and private property leases.

 Summary Mineral Resources

 Summary Mineral Resources
at End of Fiscal Year Ended December 31, 2022

 Measured mineral
 resources (koz)

 Indicated mineral
 resources (koz)

 Measured and indicated
 mineral resources (koz)

 Inferred mineral
 resources (koz)

 Gold

 United States (Nevada)

 Bullfrog Project

 526.7

 682.6

 1,209.3

 257.9

 Reward Project

 169.9

 256.8

 426.7

 27.1

 Total Gold

 696.6

 939.4

 1636.0

 285.0

 Silver

 United States (Nevada)

 Bullfrog Project

 1309.1

 1557.5

 2866.6

 515.7

 Total Silver

 1309.1

 1557.5

 2866.6

 515.7

 Bullfrog oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz
and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.

 Bullfrog sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of
US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag.

 Gold price and Silver price used in the Bullfrog estimated Mineral Resources were based on a review of commodity prices and compared
to a three-year trailing average at the time of the estimates with a good correlation.

 Reward oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,700/oz
and a recovery of 80% for Au were utilized.

 Gold price used in the Reward estimated Mineral Resources were based on a review of commodity prices at the time of the estimate and
assumed a price of US$1,700 per oz of gold based upon a 3 year trailing average.

 Bullfrog oxide Mineral Resources are reported using a breakeven cutoff grade of 0.192 g/tonne and sulphide Mineral Resources are reported
using a breakeven cutoff grade of 0.315 g/tonne.

 Reward Mineral Resources are reported using a 0.2 g/tonne incremental cut-off grade.

 Bullfrog mining costs for mineralized material and waste are US$2.25/tonne.

 Reward mining costs for mineralized material and waste are US$2.20/tonne

 Bullfrog processing, general and administration, and refining costs are US$5.00/tonne, US$0.50/tonne, and US$0.05/tonne respectively.

 Reward processing and general and administration are US$6.06/tonne and US$0.83/tonne per tonne processed, respectively

 Bullfrog Estimated Mineral Resources are stated as in situ dry metric tonnes.

 The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant
issues

 Bullfrog Gold Project, Nye County, Nevada

 Summary Disclosure

 We hold the Bullfrog
Project through our wholly-owned subsidiaries Bullfrog Mines, Rocky Mountain Minerals Corp., a Nevada corporation ("RMMC")
and Standard Gold Corp., a Nevada corporation ("SGC").

 Property Location
and Access

 The Bullfrog Gold Project
is located in the Bullfrog Hills of Nye County, Nevada and in the southern half of the Bullfrog Mining District (Figure 1). Project properties
are located in Sections 3, 4, 5, 6, 8, 9, 10, 14, 15, 16, 17, 21, 22, 23, 25, 26, 35 and 36 of T11S, R46E and Sections 1, 2, 3, 4, 5,
6, 8 9, 10, 11, 12, 13, 14, 15, 16, 17, and 23 of T12S, R46E, Mt. Diablo Meridian.

 The Bullfrog Gold Project
is accessible via a 2 hour (120 mile) drive north of Las Vegas, Nevada on US Highway 95. Las Vegas, the largest city in Nevada,
is serviced by a major international airport, and has ample equipment, supplies and services to support many of the project's needs.
The project is 4 miles west of the Town of Beatty, Nevada via a paved highway. Beatty has a population of approximately 1,000 and can
provide basic housing, services, and supplies. Access around the project is by a series of reasonably good gravel roads that extend to
the open pit mines and most of the significant exploration areas.

 Figure 1: Location
Map

 Project Stage

 The Bullfrog Gold Project
is an exploration stage property with measured, indicated and inferred mineral resources but no known mineral reserves.

 Mineral Resources
Estimates

 Mineral resources utilize
all new drilling through the end of 2021 in addition to updated geologic models and database improvements by the Company's staff.
Three-dimensional block models for each area (Bullfrog, Montgomery-Shoshone and Bonanza) were created using Vulcan software. Surfaces
and solids representing topography, overburden, geologic units, historic stope shapes and gold mineralization were incorporated into the
resource models. Resource estimates utilize drill hole, survey, analytical and bulk density information provided by the project personnel.
Gold and silver values have been given null values for all material that has been historically mined by both open pit and underground
methods. Bulk density has been adjusted for backfill material placed in the historical open pit and underground operations.

 Mineral resources are
pit constrained using reasonable cost assumptions, however detailed costing and economic evaluations have not been performed. The resources
only consider mining mineralization and waste that will take place on lands controlled by the Company. Pit slope parameters are based
on the existing pit wall angles and vary by geology, depth and lateral extent. Different metallurgical recoveries were assigned to oxide
and sulphide material and used in the calculation of the optimized pit shells.

 Mineral resources are
reported inside optimized pit shells with Minemax software using high-level economic assumptions, geotechnical pit slope parameters and
property boundaries. Estimated mineral resources for the Bullfrog Project are being reported for the Bullfrog, Montgomery-Shoshone and
Bonanza areas, respectively.

 The following table presents
the combined global gold and silver mineral resources for the three areas, Bullfrog, Montgomery-Shoshone and Bonanza, at the Bullfrog
Gold Project.

 Bullfrog Gold Project
- Summary of Gold and Silver Mineral Resources at the End of the Fiscal Year Ended December 31, 2022 Based on $1,550/oz. Gold and
$20/oz. Silver

 Combined Global Resources - Oxide and Sulphide

 (Mt)

 Au grade
 (g/t)

 Ag grade
 (g/t)

 Au Contained
 (koz)

 Ag Contained
 (koz)

 30.13

 0.544

 1.35

 526.68

 1,309.13

 40.88

 0.519

 1.18

 682.61

 1,557.49

 71.01

 0.530

 1.26

 1,209.29

 2,866.62

 16.69

 0.481

 0.96

 257.90

 515.72

 1.

 Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.

 2.

 Sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag. No sulphide material was reported for Montgomery-Shoshone or Bonanza.

 3.

 Gold price and Silver price used in the Bullfrog estimated Mineral Resources were based on a review of commodity prices and compared to a three-year trailing average at the time of the estimate with good correlation.

 4.

 Bullfrog oxide Mineral Resources are reported using a breakeven cutoff grade of 0.192 g/tonne and sulphide Mineral Resources are reported using a breakeven cutoff grade of 0.315 g/tonne..

 5.

 Mining costs for mineralized material and waste are US$2.25/tonne.

 6.

 Processing, general and administration, and refining costs are US$5.00/tonne, US$0.50/tonne, and US$0.05/tonne respectively.

 7.

 8.

 Estimated Mineral Resources are stated as in situ dry metric tonnes.

 9.

 The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues.

 The following tables
present the gold and silver mineral resources for each of the three project areas, Bullfrog, Montgomery-Shoshone and Bonanza.

 Bullfrog Gold Project
- Bullfrog Area, Gold and Silver Mineral Resources at the End of the Fiscal Year Ended December 31, 2022 Based on $1,550/oz. Gold
and $20/oz. Silver

 Mineral Resources - Bullfrog

 Redox

 (Mt)

 Au grade
 (g/t)

 Ag grade
 (g/t)

 Au Contained
 (koz)

 Ag Contained
 (koz)

 24.50

 0.537

 1.28

 422.77

 1,010.02

 36.32

 0.515

 1.14

 602.02

 1,332.18

 Oxide

 60.82

 0.524

 1.20

 1,024.79

 2,342.20

 14.40

 0.460

 0.77

 213.06

 358.49

 1.30

 0.710

 1.28

 29.77

 53.52

 1.99

 0.625

 1.32

 39.94

 84.47

 Sulphide

 3.29

 0.659

 1.30

 69.72

 137.99

 1.05

 0.657

 1.14

 22.14

 38.53

 25.80

 0.545

 1.28

 452.55

 1,063.54

 38.31

 0.521

 1.15

 641.96

 1,416.65

 Total - Oxide and Sulphide

 64.12

 0.531

 1.20

 1,094.51

 2,480.19

 15.44

 0.474

 0.80

 235.20

 397.02

 1.

 Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.

 2.

 Sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag.

 3.

 Gold price and Silver price used in the Bullfrog estimated Mineral Resources were based on a review of commodity prices and compared to a three-year trailing average at the time of the estimate with good correlation.

 4.

 Bullfrog oxide Mineral Resources are reported using a breakeven cutoff grade of 0.192 g/tonne and sulphide Mineral Resources are reported using a breakeven cutoff grade of 0.315 g/tonne.

 5.

 Mining costs for mineralized material and waste are US$2.25/tonne.

 6.

 Processing, general and administration, and refining costs are US$5.00/tonne, US$0.50/tonne, and US$0.05/tonne respectively.

 7.

 8.

 Estimated Mineral Resources are stated as in situ dry metric tonnes.

 9.

 The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues.

 Bullfrog Gold Project
- Montgomery-Shoshone Area, Gold and Silver Mineral Resources at the End of the Fiscal Year Ended December 31, 2022 Based on $1,550/oz.
Gold and $20/oz. Silver

 Mineral Resources - Montgomery-Shoshone

 Redox

 (Mt)

 Au grade
 (g/t)

 Ag grade
 (g/t)

 Au Contained
 (koz)

 Ag Contained
 (koz)

 1.97

 0.637

 3.35

 40.35

 212.12

 1.35

 0.555

 2.85

 24.04

 123.66

 Oxide

 3.32

 0.603

 3.15

 64.38

 335.78

 1.05

 0.586

 3.45

 19.76

 116.41

 1.

 Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.

 2.

 Sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag. No sulphide material was reported for Montgomery-Shoshone.

 3.

 Gold price and Silver price used in the Bullfrog estimated Mineral Resources were based on a review of commodity prices and compared to a three-year trailing average at the time of the estimate with good correlation.

 4.

 Bullfrog oxide Mineral Resources are reported using a breakeven cutoff grade of 0.192 g/tonne and sulphide Mineral Resources are reported using a breakeven cutoff grade of 0.315 g/tonne.

 5.

 Mining costs for mineralized material and waste are US$2.25/tonne.

 6.

 Processing, general and administration, and refining costs are US$5.00/tonne, US$0.50/tonne, and US$0.05/tonne respectively.

 7.

 Estimated Mineral Resources are stated as in situ dry metric tonnes.

 9.

 The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues.

 Bullfrog Gold Project
- Bonanza Area, Gold and Silver Mineral Resources at the End of the Fiscal Year Ended December 31, 2022 Based on $1,550/oz. Gold
and $20/oz. Silver

 Mineral Resources - Bonanza

 Redox

 (Mt)

 Au grade
 (g/t)

 Ag grade
 (g/t)

 Au Contained
 (koz)

 Ag Contained
 (koz)

 2.35

 0.446

 0.44

 33.78

 33.48

 1.22

 0.422

 0.44

 16.61

 17.17

 Oxide

 3.58

 0.438

 0.44

 50.40

 50.65

 0.19

 0.473

 0.37

 2.94

 2.28

 1.

 Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.

 2.

 Sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag. No sulphide material was reported for Bonanza.

 3.

 Gold price and Silver price used in the Bullfrog estimated Mineral Resources were based on a review of commodity prices and compared to a three-year trailing average at the time of the estimate with good correlation.

 4.

 Bullfrog oxide Mineral Resources are reported using a breakeven cutoff grade of 0.192 g/tonne and sulphide Mineral Resources are reported using a breakeven cutoff grade of 0.315 g/tonne.

 5.

 Mining costs for mineralized material and waste are US$2.25/tonne.

 6.

 Processing, general and administration, and refining costs are US$5.00/tonne, US$0.50/tonne, and US$0.05/tonne respectively.

 7.

 8.

 Estimated Mineral Resources are stated as in situ dry metric tonnes.

 9.

 The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues

 In each case above, Estimated
Mineral Resources have not changed from December 31, 2021 to December 31, 2022 due to the fact that Bullfrog Gold Project is
in the exploration stage and no new resources were added to the project through exploration activities in 2022. The material assumptions
underlying mineral resources as previously disclosed at December 31, 2021 remain current in all material respects.

 Property Holdings

 We have four option/lease/purchase
agreements in place and, with the additional claims it has located, give it control of 734 unpatented lode mining claims and mill site
claims, and 87 patented mining claims. The claims do not have an expiration date, as long as the fees and obligations are maintained.

 NPX Assignment of
Lands

 In September 2011,
we issued 14.4 million shares of the Company to the shareholders of SGC to acquire 100% of SGC and its assets. SGC is a private Nevada
corporation and now wholly owned by the Company. Concurrently, NPX Metals, Inc. ("NPX") and Bull Frog Holding, Inc.
("BHI") assigned all title and interests in 79 claims and two patents to SGC. The Company granted a production royalty of
3% NSR on the property to NPX and BHI, plus an aggregate 3% NSR cap on any acquired lands within one mile of the 2011 boundary. Thus,
NPX and BHI would not receive any royalty on acquisitions having a 3% or greater NSR.

 Mojave Gold Option

 In March 2014, we
formed RMMC, a private Nevada corporation, as a wholly owned subsidiary, specifically for holding and acquiring assets. On October 29,
2014, RMMC exercised an option to purchase from Mojave Gold Mining Co. 12 patents west and adjacent to our initial property holdings and
that cover the NE half of the M-S pit. Mojave was paid 750,000 shares of our common stock plus $16,000. RMMC agreed to make annual payments
totaling $180,000 over nine years to fully exercise the option, and expend as a minimum work commitment for the benefit of the Property
$100,000 per year and a total of $500,000 over five years on the properties and surrounding lands within one-half mile of the 12 Mojave
patents. Alternatively, RMMC can pay cash to Mojave at 50% of the difference between the minimum required and the actual expenditures.
Mojave retained a sliding scale Net Smelter Return royalty ranging from 1% for gold prices below $1,200/ounce and up to 4% for gold prices
above $3,200 per ounce.

 Lunar Landing Lease

 On July 1, 2017,
RMMC entered a lease with Lunar Landing LLC on 24 patents in the Bullfrog District:

 Two patents are adjacent and west of the M-S pit that could allow potential expansion of the pit down dip of the Polaris vein and stock work system.

 Ten patents have provided the Company with contiguous and connecting lands between the M-S and Bullfrog pits. These patents will also allow further expansions of the Bullfrog pit to the north and east.

 Four patents are within 0.5 to 1.2 miles west of the Bullfrog pit in the vicinity of the Bonanza Mountain open pit mine.

 Eight patents are in an exploration target area located about 1.5 miles NW of the Bullfrog pit and where the Company has owned the Aurium patent since 2011.

 The lease includes the
following:

 The Company paid $26,000 on signing and is scheduled to annually pay $16,000 for years 2-5, $21,000 for years 6-10, $25,000 for years 11-15, $30,000 for years 16-20, $40,000 for years 21-25 and $45,000 for years 26-30.

 Production royalty of 5% net smelter returns with the right to buy-down to 2.5%.

 The Company is to expend as a work commitment not less than $50,000 per year and $500,000 in total to maintain the lease.

 The Company has rights to commingle ores and the flexibility to operate the Project as a logical land and mining unit.

 Brown Claims

 On January 29, 2018,
RMMC purchased two patented claims (the "Brown Claims"), thereby eliminating minor constraints to expand the Bullfrog pit
to the north. As partial consideration for the Brown Claims, RMMC granted the sellers of the Brown Claims a 5% net smelter returns royalty
on the Brown Claims, of which 2.5% can be purchased by RMMC for aggregate consideration of US$37,500.

 Barrick Claims

 On October 26, 2020,
the Company completed its acquisition of Bullfrog Mines pursuant to the MIPA with the Barrick Parties.

 Pursuant to the MIPA,
the Company purchased from the Barrick Parties all of the Equity Interests in Bullfrog Mines for aggregate consideration of (i) 54,600,000
units of the Company, each unit consisting of one share of common stock of the Company and one four-year warrant purchase one share of
common stock of the Company at an exercise price of C$0.30 (such number of units and exercise price are set out on a pre-Consolidation
basis), (ii) a 2% net smelter returns royalty (the "Barrick Royalty") granted on all minerals produced from all of the
patented and unpatented claims (subject to the adjustments set out below), pursuant to a royalty deed, dated October 26, 2020 by
and among Bullfrog Mines and the Barrick Parties (the "Royalty Deed"), (iii) the Company granting indemnification to
the Barrick Parties pursuant to an indemnity deed, dated October 26, 2020 by and among the Company, the Barrick Parties and Bullfrog
Mines, and (iv) certain investor rights, including anti-dilution rights, pursuant to the investor rights agreement, dated October 26,
2020, among the Company, Augusta Investments Inc., and Barrick.

 Through the Company's
acquisition of the Equity Interests, the Company acquired rights to the 1,500 acres of claims adjoining the Company's Bullfrog Gold
deposit.

 Pursuant to the Royalty
Deed, the Barrick Royalty is reduced to the extent necessary so that royalties burdening any individual parcel or claim included in the
Barrick Properties on October 26, 2020, inclusive of the Barrick Royalty, would not exceed 5.5% in the aggregate, provided that the
Barrick Royalty in respect of any parcel or claim would not be less than 0.5%, even if the royalties burdening a parcel or claim included
in the Barrick Properties would exceed 5.5%.

 Abitibi Royalties
Option

 On December 9, 2020,
Bullfrog Mines entered into a mining option agreement with Abitibi Royalties (USA) Inc. ("Abitibi") granting Bullfrog Mines
the option (the "Abitibi Option") to acquire forty-three unpatented lode mining claims to the south of the Bullfrog deposit.
The Abitibi Option was amended on December 9, 2022, to extend the exercise deadline and to increase the last payment amount required
to exercise the option. Bullfrog Mines made an initial payment to Abitibi of C$25,000 and exercised the Abitibi Option in full on January 30,
2023, by:

 Paying to Abitibi C$50,000 in cash before December 9, 2021;

 Paying to Abitibi C$78,750 in cash before January 30, 2023; and

 Granting to Abitibi a 2% net smelter royalty on the claims subject to the Abitibi Option on January 30, 2023, of which Bullfrog Mines has the option to purchase 0.5% for C$500,000 on or before December 9, 2030.

 Other Property Holding
Payments

 All the unpatented lode
mining claims are on U.S. public land administered by the Bureau of Land Management ("BLM") and, therefore, are subject to
exploration and development permits as required by the several current regulations. The unpatented lode mining claims require annual payments
of $155 per claim to the BLM and $12 per claim to Nye County.

 Infrastructure

 Augusta Gold maintains
sufficient surface rights to support mining operations, including areas for potential waste disposal, tailings storage, heap leach pads
and potential mill sites. The Company recently located additional mining claims and is pursuing the acquisition of other lands in the
area. Most claim blocks are contiguous, and the water rights that Barrick held through Bullfrog Mines were indirectly acquired by Augusta
Gold as part of its acquisition of Bullfrog Mines.

 The towns of Beatty,
Pahrump and Tonopah in Nye County have populations that support mining operations in the area.

 Valley Electric Association
based in Pahrump, Nevada owns a 138 KV transmission line and a 24.9 KV distribution line that remain on-site and serviced mining at the
site previously. The substation connected to the 24.9 KV line remains on-site, but the transformers and switchgear have been removed.
Current monthly demand and energy rates are $3.75/kw and $0.12/kw-h, respectively.

 Pumping from relatively
shallow wells completed near the bottom of the Bullfrog pit is required to access deeper mineralization and could produce most of the
Project water needs. Water may also be available from Barrick's production wells located a few miles south of Highway 374, possibly
from the Town of Beatty wellfield in Section 2, and to a limited extent from deepening the M-S pit.

 Geological Setting,
Mineralization, and Deposit Type

 The Bullfrog Gold Project
is in the southern Walker Lane trend within brittle upper-plate volcanic host rocks that were severely broken from dominant detachment
faulting and associated dip-slip and strike-slip displacements. Epithermal solutions permeated the broken host rocks in the Montgomery-Shoshone
(M-S) and Bullfrog deposits precipitating micron-sized and relatively high-grade gold (Au) within major quartz-calcite veins and disseminated
gold in associated stock-work veins. The veins contain gangue minerals other than quartz, such as calcite and manganese oxides, the latter
of which contributes associated silver (Ag) recoveries and gold.

 The strike length of
the Bullfrog mineralization is about 1,600 m, including the underground portion which accounts for about 600 m of the strike length. True
widths mined in the underground, where the ore cutoff was 3.0 g/t Au, typically average 5-10 m and local zones may be as much as 15-20
m wide. The highest grades typically correlate with zones of black manganese-rich material, where much of the early manganiferous calcite
has been leached out, rendering the vein a rubble zone of quartz, calcite, and wad. Veins continue up dip and down dip, but the gold grades
and thicknesses diminish rapidly above and below these elevations.

 As in the underground
mine, the highest grades in the open pit were associated with veins and vein breccias along the MP fault and its immediate hanging wall.
Higher ore grades also occurred in veins along the UP fault, but widths were generally narrow. Zones of quartz stockwork veins and breccia
were developed between the MP and UP faults in intensely silicified and adularized wall rocks. The ore zone in the hanging wall of the
MP fault, was termed the upper stockwork zone (Jorgensen et al., 1989). Many of the stockwork veins are subparallel in strike to the MP
and UP faults, but dip more steeply. A zone of stockwork quartz veins also occurs in the footwall latite lavas (Tr1g) immediately beneath
the MP fault, but here the ore zone is usually <10-15 m thick. This was termed the lower stockwork zone (Jorgensen et al., 1989). In
this zone individual veins are often subparallel to the MP fault, and vein densities are typically in the range of 5-15%.

 In most parts of the
open pit, mineralized rock is truncated by the erosional surface and gravels. The ore zone thinned up-dip and only a modest amount of
ore was probably lost to erosion. Below the open pit, ore grade values persist.

 In the Bullfrog mineralization,
the high-grade zones do not comprise obvious discrete plunging ore shoots. Instead high-grade ore zones are developed along the plane
of the MP fault/vein, within 10-20 of the dip of the fault. The overall geometry of these zones is that of elongate lenses in the
plane of the fault, with long dimensions that strike roughly north-south at a low angle of plunge. The highest gold grades roughly coincided
with the oxidation-reduction boundary in the deposit and the pre-mining water table, and modest localized supergene enrichment of precious
metals near this boundary is suggested.

 The gold deposits of
the southern Bullfrog Hills are contained in epithermal quartz-calcite veins and stockworks.

 Historical Operations

 In 1904 the Original
Bullfrog and Montgomery-Shoshone mines were discovered by local prospectors. Prospecting activity was widespread over the Bullfrog Hills
and encompassed a 200 square mile area but centered within a two-mile radius around the town of Rhyolite and included part of the Company's
property. The Montgomery-Shoshone mine reportedly produced about 67,000 ounces of gold averaging 0.47 gold opt prior to its closure in
1911. The District produced about 94,000 ounces of gold prior to 1911. Mines in the District were sporadically worked from 1911 through
1941, but the Company has no production records of such limited activities.

 The Company's Providence
lode mining claim designated by the Surveyor General as Survey No. 2470 was located in October 1904, surveyed in April 1906,
patented in May 1906 and recorded in Nye County Nevada in June 1908. The unpatented Lucky Queen claim is immediately east and
adjacent to the Providence patent and is believed to have been located in the same time period but was not patented.

 With the rise of precious
metal prices in the early 1970's, the Bullfrog District again underwent intense prospecting and exploration activity for gold as
well as uranium. Companies exploring the area included Texas Gas Exploration, Inc., Phillips Uranium, Tenneco /Copper Range, U.S.
Borax, Western States Minerals, Rayrock, St. Joe American and successors Bond, Lac and Barrick Minerals, Noranda, Angst Mining Company,
Placer Dome, Lac-Sunshine Mining Company Joint Venture, Homestake, and others. In addition to these major companies, several junior mining
companies and individuals were involved as prospectors, promoters and owners. These scientific investigations yielded a new deposit model
for the gold deposits that were mined by others in the Bullfrog District. The identification and understanding of the detachment fault
system led to significant changes in exploration program techniques, focus, and success.

 In 1982 St. Joe American, Inc.
initiated drilling in the Montgomery-Shoshone mine area. By 1986, sixty holes had been drilled and a mineral inventory was defined. Subsequent
drilling outlined a reported 2.9 million ounces of gold equivalent in the Bullfrog deposit. A series of corporate takeovers transferred
ownership from St. Joe, to Bond Gold, to Lac Minerals and eventually to Barrick Minerals. Production started in 1989 and recovered approximately
200,000 ounces of gold annually from a conventional, 9,000 ton/day cyanidation mill mainly fed from open pit operations and later supplemented
with underground production. Barrick discontinued production operations in 1999 and completed reclamation in 2003. Thereafter several
groups continued exploration on a limited basis on some of the lands currently held by the Company, but no reserves were ever defined
by these companies on those portions of the Company's lands.

 Exploration and Drilling

 The Company's exploration activities
to date have focused on the following:

 Exploration drilling, data acquisition and geologic modeling;

 Acquiring, organizing, digitizing and vetting electronic and paper data bases obtained from Barrick mainly related to drill data, metallurgy and project infrastructure; and

 Maintaining and expanding the land holdings.

 The project drilling
includes 1,311 holes, for a total of 263,757 meters completed between 1983 and early 2021. The holes were drilled using both core and
reverse circulation methods, as detailed in the drilling section of this report.

 The following table summarizes project drilling
by year:

 Table 1: Project Drilling
by Year

 Total Drilling

 Coring

 Reverse Circulation

 Year

 Holes

 Meters

 Holes

 Meters

 Holes

 Meters

 1983

 1984

 3,560

 3,560

 1985

 1986

 3,364

 3,364

 1987

 29,479

 28,747

 1988

 66,325

 6,121

 60,204

 1989

 12,285

 12,285

 1990

 37,114

 3,676

 33,438

 1991

 22,954

 3,627

 19,327

 1992

 4,907

 4,907

 1993

 1994

 31,362

 1,412

 29,951

 1995

 22,370

 22,122

 1996

 15,254

 3,329

 11,924

 2020

 4,405

 3,903

 2021

 14,820

 12,749

 2,071

 2022

 2,596

 2,596

 Total

 1,337

 272,460

 35,967

 1,273

 236,493

 A total of 69 drill holes,
30 reverse circulation (RC) and 39 core holes have been drilled by Augusta from 2020-2021. The purpose of the drilling was to further
define resources and the ultimate limits of the Bullfrog and Montgomery-Shoshone pits and gather data to support advanced geotechnical
and metallurgical studies. The 2020 program also fulfilled a final work commitment for the Company to purchase a 100% interest in lands
under lease from Barrick by mid-September 2020. Two holes were drilled at the Paradise Ridge target.

 Permitting

 Baseline studies necessary
to advance permitting are in progress.

 The following outlines
the general framework for permitting a mine in Nevada and the required permits. Many of the permits discussed herein apply to the construction
stage and are not currently being pursued.

 Exploration activities
on Federal mining claims on BLM lands requires a Notice of Intent (NOI) for exploration activities under five acres of disturbance and
a Plan of Operations for larger scale exploration activities. A Plan of Operations is also required with the Nevada Department of Environmental
Protection (NDEP) to fulfill the State of Nevada permitting obligations on private and public lands, respectively. Reclamation bonds related
to environmental liabilities need to be calculated and posted to cover activities on the Project. Additional permits and bonding will
be required for developing, constructing, operating, and reclaiming the Project.

 Additional Baseline Studies
will be required to update the historical studies completed by Barrick. This will include geochemistry, hydrologic studies of the in-pit
water and water in existing wells, plant, wildlife and threatened and endangered species surveys, meteorological information, and cultural
surveys:

 Water Pollution Control Permits (WPCP): The WPCP application must address the open pit, heap leach pad, mining activities and water management systems with respect to potentially degrading of the waters of Nevada. Sufficient engineering, design and modeling data must be included in the WPCP. A Tentative Permit Closure Plan must be submitted to the NDEP-BMRR in conjunction with the WPCP. A Final Permanent Closure Plan will be needed two years prior to Project closure.

 Air Quality: An application for a Class II Air Quality Permit must be prepared using Bureau of Air Pollution Control (BAPC) forms. The application must include descriptions of the facilities, a detailed emission inventory, plot plans, process flow diagrams and a fugitive dust control plan for construction and operation of the Project. A Mercury Operating Permit and a Title V Operating permit will also be necessary for processing loaded carbon or electro-winning precipitates.

 Water Right: Additional water rights will need to be acquired from third parties or obtained from the Nevada Division of Water Resources (NDWR) for producing Project water.

 Industrial Artificial Pond: Water storage ponds, which are part of the water management systems, will require Industrial Artificial Pond permits (IAPP) from the Nevada Department of wildlife. Approval from the Nevada State Engineer's Office is also required if embankments exceed specified heights.

 Additional minor permits
will be required for the project to advance to production and are listed in Table 8.

 Table 8: Additional
Minor Permits Required

 Notification/Permit

 Agency

 Mine Registry

 Nevada Division of Minerals

 Mine Opening Notification

 State Inspector of Mines

 Solid Waste Landfill

 Nevada Bureau of Waste Management

 Hazardous Waste Management Permit

 Nevada Bureau of Waste Management

 General Storm Water Permit

 Nevada Bureau of Water Pollution Control

 Hazardous Materials Permit

 State Fire Marshall

 Fire and Life Safety

 State Fire Marshall

 Explosives Permit

 Bureau of Alcohol, Tobacco, Firearms & Explosives

 Notification of Commencement of Operation

 Mine Safety and Health Administration

 Radio License

 Federal Communications Commission

 Public Water Supply Permit

 NV Division of Environmental Protection

 MSHA Identification Number and MSHA Coordination

 U.S. Department of Labor Mine Safety and Health Administration (MSHA)

 Septic Tank

 NDEP-Bureau of Water Pollution Control

 Petroleum Contaminated Soils

 NV Division of Environmental Protection

 2023 Project Exploration
Plans

 Subject to funding, the
Company's focus in 2023 for exploration at the Bullfrog Gold Project is drilling at the Gap Target, an epithermal lithocap at the
northern end of the Bullfrog land package, as well as continued support of ongoing permitting and engineering work.

 Reward Gold Project,
Nye County, Nevada

 Property Location
and Access

 The Reward Gold Project
(the "Project" or "Reward Project") is situated about 11.3 km (7 miles) south-southeast of the town of Beatty,
NV about 3.2 km (2 miles) east of US Highway 95 in Nye County (Figure 1). The Project can be accessed from Beatty by paved road on Highway
95 followed by traveling two miles east on a gravel road. Several dirt roads diverge into various canyons of the Bare Mountains. The Project
area lies within Sections 1, 2, 3, 4, 9, 10, 11 and 16 of Township 13 South, Range 47 East and Sections 33, 34, and 35 of Township 12
South, Range 47 East, all referred to the Mount Diablo Baseline and Meridian. The Project can be accessed from Beatty by paved road on
Highway 95 followed by traveling two miles east on a gravel road. Several dirt roads diverge into various canyons of the Bare Mountains.

 Project Stage

 The Project is an exploration
stage property with measured, indicated and inferred mineral resources but no known mineral reserves.

 Mineral Resource
Estimates

 Mineral Resources were
classified using a combination of assessment of geological confidence, data quality and grade continuity. Reasonable prospects of eventual
economic extraction were considered by constraining the estimate within a conceptual pit shell that used the assumptions in Table 9.

 Table 9. Reward Conceptual
Open Pit Parameters.

 Parameter

 Unit (Imperial)

 Cost (Imperial)

 Unit (Metric)

 Cost (Metric)

 Gold Price

 US$/oz

 1,700

 US$/g

 54.656

 Gold Metallurgical Recovery

 %

 %

 Pit Wall Angles

 48-58

 48-58

 Mining Cost

 US$/st

 2.00

 US$/tonne

 2.20

 Processing Rate

 Mst/a

 Mtonne/a

 2.7

 Processing Cost

 US$/st

 $
 5.50

 US$/tonne

 $
 6.06

 G & A Cost

 US$/st

 0.75

 US$/tonne

 0.80

 Cut-off Grade (break even)

 oz/st

 0.0047

 g/tonne

 0.158

 Royalty

 %

 %

 The Mineral Resource Estimate for the Reward
Project is presented in Table 10 below.

 Table 10. Reward Project
Mineral Resource Estimate at December 31, 2022 Based on USD$1,700/oz. Au

 Tonnage (Mt)

 Average Grade (g/t)

 Contained Au (koz)

 Good Hope

 6.19

 0.86

 169.9

 10.76

 0.69

 240.0

 M&I Total

 16.94

 0.75

 409.9

 0.29

 0.56

 5.3

 Gold Ace

 0.83

 0.63

 16.8

 1.03

 0.73

 21.8

 Reward (Combined Good Hope and Gold Ace)

 6.19

 0.86

 169.9

 11.58

 0.69

 256.8

 M&I Total

 17.77

 0.75

 426.7

 1.23

 0.68

 27.1

 1.

 Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,700/oz and a recovery of 80% for Au were utilized.

 2.

 Gold price used in the Reward estimated Mineral Resources were
based on a review of commodity prices at the time of the estimate and assumed a price of US$1,700 per oz of gold based upon a three year
trailing average.

 3.

 Mining costs for mineralized material and waste are US$2.20/tonne.

 4.

 Processing and general and administration are US$6.06/tonne and US$0.83/tonne per tonne processed, respectively.

 5.

 Reward Mineral Resources are reported using a 0.2 g/tonne incremental cut-off grade.

 7.

 Estimated Mineral Resources are stated as in situ dry metric tonnes and are partially diluted.

 8.

 The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues.

 9.

 The effective date of the Reward mineral resource estimate is December 31, 2022.

 Estimated Mineral Resources
have not changed from May 22, 2022 (the date estimates were initially reported to the Commission in the Company Current Report on
Form 8-K dated July 7, 2022) to December 31, 2022 due to the fact that the Reward Gold Project is in the exploration stage
and no new resources were added to the project through exploration activities in the remainder of 2022. The material assumptions underlying
mineral resources as previously disclosed at May 31, 2022 remain current in all material respects.

 Property Holdings

 The Project area lies
within Sections 1, 2, 3, 4, 9, 10, 11 and 16 of Township 13 South, Range 47 East and Sections 33, 34, and 35 of Township 12 South, Range
47 East, all referred to the Mount Diablo Baseline and Meridian.

 Canyon Resources Corporation
(Canyon Resources) holds a 100% interest in the mineral claims that form the Project. In 2008, Canyon Resources assigned all of the patented
and unpatented claims comprising the Project to an entity which was subsequently converted into CR Reward.

 The Project encompasses
123 unpatented Bureau of Land Management (BLM) placer and lode mining claims and six patented placer mining claims, totalling approximately
2,333 net acres (944 hectares). Only the patented claims have been legally surveyed. Under United States mining law, claims may be renewed
annually for an unlimited number of years upon a small payment per claim (currently $155 per claim due to the BLM and an aggregate $1,502
due to Nye County) and the same claim status-whether lode or placer-may be used for exploration or exploitation of the lodes or placers.

 Several blocks of unpatented
claims are leased by CR Reward from underlying owners, and are referred to as Connolly, Webster, Orser-McFall and Van Meeteren leases.

 Connolly
Lease

 This lease agreement
(the Connolly Lease), effective as of September 28 th, 2004, covers a two-third interest in each of the Sunshine and Reward
unpatented lode claims (collectively, the Connolly Claims). The Connolly Lease is for an initial term of 20 years and continues so long
thereafter as the Project remains in commercial production. A 3% NSR royalty is payable on any minerals mined from the Connolly Claims,
but is reduced to 2% due to the fact that CR Reward only owns a two-third interest in the Connolly Claims. Annual advance minimum royalty
payments are payable under the Connolly Lease in an amount equal to $10,000 per year. These annual advance minimum royalty payments shall
be applied toward, credited against and fully deductible from earned mineral production royalty payments due from the Connolly Claims.

 Webster
Lease

 This lease agreement
(the Webster lease), effective as of November 9, 2004 (as amended on November 9 th, 2004 and November 8 th,
2006), covers a one-third interest in each of the Sunshine and Reward unpatented lode claims and a half interest in the Good Hope unpatented
lode claim (collectively, the Webster Claims). The Webster Lease is for an initial term of 20 years and continues so long thereafter as
the Project remains in commercial production. A 3% NSR royalty is payable on any minerals mined from the Webster Claims, but is (i) reduced
to 1% on the Sunshine and Reward claims due to the fact that the lessee only owns a one-third interest, and (ii) reduced to 1.5%
on the Good Hope claim due to the fact that CR Reward only owns a half interest in this claim. Annual advance minimum royalty payments
are payable under the Webster Lease in an amount equal to $7,500 per year. The annual advance minimum royalty payments paid in any given
year may be applied toward, credited against and fully deductible from any earned mineral production royalty payments due on the Webster
Claims during the calendar year in which such annual advance minimum royalty payments are due.

 Orser-McFall Lease

 This lease agreement
(the Orser-McFall Lease), effective as of February 5, 2005 (as amended on August 18 th, 2005 and November 14 th,
2006), applies to 12 unpatented lode and six unpatented placer mining claims (collectively, the Orser-McFall Claims). The Orser-McFall
Lease is for an initial term of 20 years and continues so long thereafter as the Project remains in commercial production. The lessors
under the Orser-McFall Lease own 100% of the Orser-McFall Claims, except for the Good Hope claim, in which they own a half interest (the
other half being owned by the Daniel D. Webster Living Trust and leased to CR Reward pursuant to the Webster Lease). A 3% NSR royalty
is payable on minerals mined from the Orser-McFall Claims, but is reduced to 1.5% on the Good Hope claim due to the fact that the lessee
only owns a half interest in that claim. Annual advance minimum royalty payments are payable under the Orser-McFall Lease in an amount
equal to $20,000 per year. These annual advance minimum royalty payments shall be applied toward, credited against and fully deductible
from earned mineral production royalty payments due from the Orser-McFall Claims.

 Van
Meeteren et al Lease

 This lease agreement
(the Van Meeteren Lease), effect as of December 1 st, 2011 (applies to the Double RS and the Durlers Hope unpatented placer
claims (the Van Meeteren Claims). The Van Meeteren Lease is for an initial term of 20 years and continues so long thereafter as the Project
remains in commercial production or CR Reward is actively conducting exploration, development, reclamation or remediation operations.
A 3% NSR royalty is payable on minerals mined from the Van Meeteren Claims. Annual advance minimum royalty payments are payable under
the Van Meeteren Lease in an amount equal to $15/acre from 2011 through 2020, for a total of $1,800 per year, and $20/acre from and after
2021, for a total of $2,400 per year. These annual advance minimum royal payments are recoupable from earned mineral production royalties.
All payments described above have been timely paid by CR Reward and its predecessor and the agreements are all in good standing.

 The Project area mainly
consists of Federal public domain lands administered by the BLM. There are no State or private tracts within the Project area, except
the six patented claims owned by CR Reward, all of which carry surface and mineral rights ownership.

 The Project is not subject
to any other back-in rights payments, agreements or encumbrances.

 CR Reward has the right
to use 391,494 m3 (317.39 acre-ft) of water annually under Application No. 61412, Certificate No. 16384 and Permit No. 76390.

 The Amargosa River basin
is an enclosed basin, and the water rights are thus not affected by the Colorado River Compact or other agreements.

 Infrastructure

 The Project is located
seven miles by road southeast of Beatty, a town of approximately 1,000 people that serves as a transit hub and service centre for travellers
between Las Vegas and Reno, and those going to Death Valley. Several motels and restaurants, gas stations, a post office, and several
small stores provide basic services.

 The Project is currently
serviced by an existing 14.4/24.9 kV power line owned and operated by Valley Electric. A water well currently provides water for exploration
activities.

 Project employees would
likely be recruited from the local area, including the communities of Beatty, Amargosa, and Pahrump, located within Nye County, and the
regional urban centre of Las Vegas, located within Clark County. There is available nearby accommodation to the Project site in Beatty
and other smaller communities

 The Project has sufficient
land area, with adjacent public-domain lands also potentially available, to allow mine development, including space for the mining operations,
waste rock disposal facilities (WRDs), heap leach pads and processing plants.

 Geological Setting, Mineralization and
Deposit Type

 Mineralization in the
Good Hope Deposit and Golden Ace Zone can be classified as examples of a structurally controlled, locally disseminated, sediment hosted,
mesothermal quartz vein gold deposit.

 The Project is hosted
within the Bare Mountain Complex which lies within an intricate tectonic setting of the Nevada Basin and Range Province.

 The Bare Mountain Complex
consist of up to 6,096 m (20,000 ft) of Upper Proterozoic to Paleozoic marine sedimentary rocks in the lower plate that have been juxtaposed
against Miocene silicic volcanic sequences in the upper plate. The lower plate units were deformed through folding, thrust faulting, low
and high angle normal faulting during a Mesozoic compression event, and have been metamorphosed from lower amphibolite to sub-greenschist
grade. Two dominant normal fault sets have been mapped in the lower plate, including the moderately east-dipping Bare Mountain and Gold
Ace faults, and shallowly southeast-dipping faults that cut or curve into east-dipping faults.

 The Project is located
on the southwestern flank of the Bare Mountain Complex and is underlain by moderately-deformed marine clastic and carbonate rocks of Late
Proterozoic and Late Cambrian age that have been metamorphosed to greenschist grade. Tertiary and younger alluvium cover the lower slopes
and the adjacent Armagosa Valley to the south and west. The east-dipping Gold Ace fault, locally termed the Good Hope fault zone, separates
northeast dipping Late Proterozoic to Early Cambrian units in the footwall block from Middle to Late Cambrian units in the hanging wall
block.

 The gold mineralization
in the Good Hope Deposit is spatially associated with, and along, the Good Hope fault zone, and is primarily hosted in altered and veined
Wood Canyon Formation, and to a lesser extent, in the Juhl and Sutton Members of the Stirling Formation. Mineralization hosted along the
contact between the Sutton and Morris Marble Members of the Stirling Formation is referred to as the Gold Ace Zone. Although there are
small historic prospects along the Good Hope fault zone, most of the historic production came from the Gold Ace Zone.

 Historical Operations

 Historical exploration
of the Project was completed by several other companies from 1976 to 2004, including Galli Exploration Associates (Galli Exploration),
Teco Inc. (Teco), St. Joe Minerals Corporation (St Joe), Gexa Gold Corp (Gexa), Cloverleaf Gold Inc. (Cloverleaf), Homestake Mining Company
(Homestake), Pathfinder Gold Corporation (Pathfinder), Bond Gold Exploration Inc. (Bond Gold), Barrick, US Nevada Gold Search (USNGS),
Rayrock Mines, Inc (Rayrock), Glamis Gold, Ltd. (Glamis Gold), and Marigold Mining Company (Marigold Mining). Historical exploration
included airborne geophysics, reverse circulation (RC) and core drilling, initial metallurgical testwork, mineral resource estimates and
technical studies.

 Canyon Resources acquired
the Project in 2004, and together with Atna Resources Ltd. (Atna) and CR Reward, have completed data compilation and validation, ground
induced polarization/resistivity geophysical surveys, RC and core drilling, mineral resource and mineral reserve estimates, metallurgical
testwork, permitting studies, environmental baseline studies, and technical studies. The following permits and authorizations were granted
to CR Reward in 2007:

 Plan of Operations authorized under N-82840.

 Water Pollution Control Permit (WPCP); WPCP NEV2007101.

 General construction permit; NVR100000 CSW-17415.

 Water rights permitted by Nevada Division of Water Resources (NDWR) under Mining, Milling, & Domestic permit 76390.

 Mining reclamation permit granted by the Bureau of Mining Regulation and Reclamation (BMRR) under mine site permit #0300.

 Nevada Bureau of Air Pollution Control (BAPC) authorized Class II Air Quality permit AP1041-2492.

 Permitting

 The current Project area
includes public and private lands within Nye County, Nevada. The Project, therefore, falls under the jurisdiction and permitting requirements
of Nye County, the State of Nevada (primarily the BMRR) and the BLM.

 The following permits
and authorizations were granted to CR Reward:

 Plan of Operations authorized under N-82840.

 Water Pollution Control Permit (WPCP); WPCP NEV2007101.

 Water rights permitted by Nevada Division of Water Resources (NDWR) under Mining, Milling, & Domestic permit 76390 and permit 89658.

 Mining reclamation permit granted by the Bureau of Mining Regulation and Reclamation (BMRR) under mine site permit #0300.

 Nevada Bureau of Air Pollution Control (BAPC) authorized Class II Air Quality permit AP1041-2492.

 The reader is referred
to Evans et al. (2019) for additional information regarding permitting considerations for mining activities at the Project. Regarding
exploration activities, during early phases of exploration, when surface disturbance is generally limited, authorization from the BLM
is conditionally granted under a notice (40 CFR § 3890.21). There are currently no exploration notices associated with the Project
and none are likely to be granted given the Project has a mine plan of operations (MPO) that was granted in 2020.

 2023 Project Exploration
Plans

 Subject to funding, the
Company's focus in 2023 for exploration at the Reward Project is expanding the resource down-dip, and performing infill drilling
where there are gaps in the current resource model.

 ITEM 15. EXHIBITS

 Documents Filed as
Part of Report

 Financial Statements

 The following Consolidated
Financial Statements of the Company were filed with the Company's Annual Report on Form 10-K filed on March 16, 2023:

 1.

 Report of Independent Registered Public Accounting Firm (Davidson & Company LLP.

 2.

 Consolidated Balance Sheets – As of December 31, 2022 and 2021.

 3.

 Consolidated Statements of Income/(Loss) – Years ended December 31, 2022 and 2021.

 4.

 Consolidated Statements of Shareholders' Equity – Years ended December 31, 2022 and 2021.

 5.

 Consolidated Statements of Cash Flows – Years ended December 31, 2022 and 2021.

 6.

 Notes to Consolidated Financial Statements.

 See
"Item 8. Financial Statements and Supplementary Data".

 Financial Statement
Schedules

 No financial statement
schedules are filed as part of this report because such schedules are not applicable or the required information is shown in the Consolidated
Financial Statements or notes thereto. See "Item 8. Financial Statements and Supplementary Data".

 Exhibits:

 The exhibits, listed on the following exhibit
index are filed or furnished as part of this Amended Report on Form 10-K/A. These exhibits should be read in conjunction with the
exhibits in Item 15 of the Company's Annual Report on Form 10-K filed on February 24, 2022.

 Exhibit

 Number

 Description

 31.1

 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

 31.2

 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

 96.1

 Technical Report Summary for the Bullfrog Gold Project

 96.2

 Technical Report Summary for the Reward Gold Project

 SIGNATURES

 Pursuant to the requirements of Sections 13 or
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

 Date: December 20, 2023

 AUGUSTA GOLD CORP.

 By:

 /s/ Donald R. Taylor

 Name: Donald R. Taylor

 Title: President and Chief Executive Officer

 (Principal Executive Officer)

 Date: December 20, 2023

 AUGUSTA GOLD CORP.

 By:

 /s/ Michael McClelland

 Name: Michael McClelland

 Title: Chief Financial Officer

 (Principal Financial and Accounting Officer)