UNITED STATES

 SECURITIES AND EXCHANGE
COMMISSION

 Washington, D.C. 20549

 FORM 10-K

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

 For the fiscal year ended
 December 31, 2024

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

 Commission File No. 000-54653

 (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)

 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

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

 Indicate 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

(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

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

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 provided pursuant to Section 13(a) of the Exchange Act.

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.

 Indicate 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).

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 $ 59,291,530.

 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 March 17, 2025.

 Auditor Firm ID:

 Auditor Name:

 Auditor Location:

 DAVIDSON & COMPANY LLP

 Vancouver, Canada

 CAUTIONARY NOTE TO INVESTORS
 REGARDING MINERAL ESTIMATES

 ii

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
 STATEMENTS

 iii

 GLOSSARY OF SELECTED MINING TERMS

 v

 USE OF NAMES

 vii

 CURRENCY

 vii

 METRIC CONVERSION TABLE

 vii

 ITEM 1. BUSINESS

 ITEM 1A. RISK FACTORS

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 ITEM 1C. CYBERSECURITY

 ITEM 2. PROPERTIES

 ITEM 3. LEGAL PROCEEDINGS

 ITEM 4. MINE SAFETY DISCLOSURES

 ITEM 5. MARKET FOR REGISTRANT'S
 COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6. [RESERVED]

 ITEM 7. MANAGEMENT'S DISCUSSION
 AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A. QUANTITIVE AND QUALITATIVE
 DISCLOSURES ABOUT MARKET RISK

 4 9

 ITEM 8. FINANCIAL STATEMENTS

 ITEM 9. CHANGES IN AND DISAGREEMENTS
 WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A. CONTROLS AND PROCEDURES

 ITEM 9B. OTHER INFORMATION

 ITEM 9C. DISCLOSURE REGARDING FOREIGN
 JURISDICTIONS THAT PREVENT INSPECTION

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS
 AND CORPORATE GOVERNANCE

 ITEM 11. EXECUTIVE COMPENSATION

 ITEM 12. SECURITY OWNERSHIP OF
 CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 ITEM 13. CERTAIN RELATIONSHIPS
 AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14. PRINCIPAL ACCOUNTING FEES
 AND SERVICES

 ITEM 15. EXHIBITS

 ITEM 16. FORM 10-K SUMMARY

 SIGNATURES

 i

 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.

 ii

 CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS

 This Annual Report on Form 10-K 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.

 iii

 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 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.

 iv

 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 this Annual Report on Form 10-K as well as other
factors described elsewhere in 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 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

 v

 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.

 vi

 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, unless the
context otherwise requires, the terms "we", "us", "our", "Augusta Gold", "Augusta
Gold Corp." or the "Company" refer to Augusta Gold Corp., a Nevada corporation, and its subsidiaries.

 CURRENCY

 References to CAD 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

 vii

 ITEM 1. BUSINESS

 General Corporate Overview

 The Company is an exploration stage gold company
focused on building a long-term business that delivers stakeholder value through developing the Company's Bullfrog and Reward gold
projects and pursuing accretive merger and acquisition opportunities. We are focused on exploration and advancement of gold exploration
and potential development projects, which may lead to gold production or strategic transactions such as joint venture arrangements with
other mining companies or sales of assets for cash and/or other consideration. At present, our Reward Gold Project has mineral reserves
under SK 1300 and is a development stage property, however, we have not to date made a development decision on the project and have not
started preparation of the mineral reserves for extraction meaning we remain an exploration stage issuer. Our other properties are in
the exploration stage, we do not mine, produce or sell any mineral products and we do not currently generate cash flows from mining operations.

 The Bullfrog Gold Project is located approximately
120 miles north-west of Las Vegas, Nevada and 4 miles west of Beatty, Nevada. The Reward Gold Project is located seven miles from the
Bullfrog Gold Project. The Company owns, controls or has acquired mineral rights on federal patented and unpatented mining claims
in the State of Nevada for the purpose of exploration and potential development of gold, silver, and other metals. The Company plans
to review opportunities and acquire additional mineral properties with current or historic precious and base metal mineralization with
meaningful exploration potential.

 The Company is led by a management team and board
of directors with a proven track record of success in financing, exploring and developing mining assets and delivering shareholder value.

 Availability of Raw Materials

 All of the raw materials we require to carry
on our business are readily available through normal supply or business contracting channels in Canada and the United States. As a result,
we do not believe that we will experience any shortages of required personnel, equipment or supplies in the foreseeable future.

 Dependence on a Few Contracts

 Our business is not substantially dependent on
any contract such as a contract to sell the major part of the Company's products or services or to purchase the major part of its
requirements for goods, services or raw materials, or on any franchise or license or other agreement to use a patent, formula, trade
secret, process or trade name upon which its business depends. Rather, our ability to continue making the holding, assessment, lease
and option payments necessary to maintain our interest in our mineral projects is of primary concern. We do not presently anticipate
any difficulties in this regard in the current financial year.

 Competition

 We compete with other mining companies in connection
with the acquisition, exploration, financing and development of gold properties. There is competition among mining companies for a limited
number of gold acquisition and exploration opportunities. We may compete with other mining companies for mining claims in regions adjacent
to our existing claims. Some of these competing mining companies have substantially greater financial and technical resources than us.
As a result, we may have difficulty acquiring attractive gold projects at reasonable prices.

 We compete with other mining companies to retain
expert consultants required to complete our geological, project development, and analytical and metallurgical studies. We also compete
with other mining companies to hire mining engineers, geologists and other skilled personnel in the mining industry, and for exploration
and development services. In competing for qualified mineral exploration personnel, we may be required to pay compensation or benefits
relatively higher than those paid in the past, and the availability of qualified personnel may be limited in high-demand commodity cycles.

 We will be subject to competition and unforeseen
limited sources of supplies in the industry in the event spot shortages for certain equipment such as bulldozers and excavators and services,
such as contract drilling that we will need to conduct exploration. There is also significant competition for power in Beatty, Nevada.
If we are unsuccessful in securing the products, equipment, services and power we need, we may have to suspend our exploration plans
until we are able to secure them.

 Compliance with Government Regulation

 The exploration and development of a mining property
is subject to regulation by a number of federal and state government authorities. These include the United States Environmental Protection
Agency ("EPA") and the United States Bureau of Land Management ("BLM") as well as the various state environmental
protection agencies. The regulations address many environmental issues relating to air, soil and water contamination and apply to many
mining related activities including exploration, mine construction, mineral extraction, ore milling, water use, waste disposal and use
of toxic substances. In addition, we are subject to regulations relating to labor standards, occupational health and safety, mine safety,
general land use, export of minerals and taxation. Many of the regulations require permits or licenses to be obtained and the filing
of Notices of Intent and Plans of Operations, the absence of which or inability to obtain will adversely affect the ability for us to
conduct our exploration, development and operation activities. The failure to comply with the regulations and terms of permits and licenses
may result in fines or other penalties or in revocation of a permit or license or loss of a prospect.

 Federal

 On lands owned by the United States, mining rights
are governed by the General Mining Law of 1872, as amended, which allows the location of mining claims on certain federal lands upon
the discovery of a valuable mineral deposit and compliance with location requirements. The exploration of mining properties and development
and operation of mines is governed by both federal and state laws. Federal laws that govern mining claim location and maintenance and
mining operations on federal lands are generally administered by the BLM. Additional federal laws, governing mine safety and health,
also apply. State laws also require various permits and approvals before exploration, development or production operations can begin.
Among other things, a reclamation plan must typically be prepared and approved, with bonding in the amount of projected reclamation costs.
The bond is used to ensure that proper reclamation takes place, and the bond will not be released until that time. Local jurisdictions
may also impose permitting requirements (such as conditional use permits or zoning approvals).

 Nevada

 In Nevada, initial stage surface exploration activities
that do not disturb the surface, do not require any permits. Notice-level exploration permits ("NOI") are required (through
the BLM) for the Bullfrog Gold Project to perform drilling or other surface disturbing activities with less than five acres extent. More
extensive disturbance requires submittal and approval of a "Plan of Operations" and either an "Environmental Assessment"
or "Environmental Impact Statement" from the BLM.

 In Nevada, we are also required to post bonds
with the State of Nevada to secure our environmental and reclamation obligations on private land, with amount of such bonds reflecting
the level of rehabilitation anticipated by the then proposed activities.

 If in the future we are successful in defining
a commercially viable mineral deposit on our property interests, then if and when we commence any mineral production, we will also need
to comply with laws that regulate or propose to regulate our mining activities, including the management and handling of raw materials,
disposal, storage and management of hazardous and solid waste, the safety of our employees and post-mining land reclamation.

 We cannot predict the impact of new or changed
laws, regulations or permitting requirements, or changes in the ways that such laws, regulations or permitting requirements are enforced,
interpreted or administered. Health, safety and environmental laws and regulations are complex, are subject to change and have become
more stringent over time. It is possible that greater than anticipated health, safety and environmental capital expenditures or reclamation
and closure expenditures will be required in the future. We expect continued government and public emphasis on environmental issues will
result in increased future investments for environmental controls at our operations.

 Environmental Regulation

 Our mineral projects are subject to various federal,
state and local laws and regulations governing protection of the environment. These laws are continually changing and, in general, are
becoming more restrictive. The development, operation, closure, and reclamation of mining projects in the United States requires numerous
notifications, permits, authorizations, and public agency decisions. Compliance with environmental and related laws and regulations requires
us to obtain permits issued by regulatory agencies, and to file various reports and keep records of our operations. Certain of these
permits require periodic renewal or review of their conditions and may be subject to a public review process during which opposition
to our proposed operations may be encountered. We are currently operating under various permits for activities connected to mineral exploration,
reclamation, and environmental considerations. Our policy is to conduct business in a way that safeguards public health and the environment.
We believe that our operations are conducted in material compliance with applicable laws and regulations.

 Changes to current local, state or federal laws
and regulations in the jurisdictions where we operate could require additional capital expenditures and increased operating and/or reclamation
costs. Although we are unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements
could impact the economics of our projects.

 U.S. Federal Laws

 The Comprehensive Environmental, Response, Compensation,
and Liability Act ("CERCLA"), and comparable state statutes, impose strict, joint and several liability on current and former
owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites.
It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup
costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property
damage allegedly caused by hazardous substances released into the environment. The Federal Resource Conservation and Recovery Act ("RCRA"),
and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines
and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose
liability for clean-up of sites and disposal of substances found on exploration, mining and processing sites long after activities on
such sites have been completed.

 The Clean Air Act ("CAA"), as amended,
restricts the emission of air pollutants from many sources, including exploration, development, mining and processing activities. The
Company's current exploration activities and any future development, mining or processing operations by the Company may produce
air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources
such as trucks and heavy construction equipment, which are subject to review, monitoring and/or control requirements under the CAA and
state air quality laws. New facilities may be required to obtain permits before development, mining and processing work can begin, and
existing facilities may be required to incur capital costs in order to remain in compliance. In addition, permitting rules may impose
limitations on our production levels or result in additional capital expenditures in order to comply with the rules.

 The National Environmental Policy Act ("NEPA")
requires federal agencies to integrate environmental considerations into their decision-making processes by evaluating the environmental
impacts of their proposed actions, including issuance of permits to mining facilities, and assessing alternatives to those actions. If
a proposed action could significantly affect the environment, the agency must prepare a detailed statement known as an Environmental
Impact Statement ("EIS"). The EPA, other federal agencies, and any interested third parties will review and comment on the
scoping of the EIS and the adequacy of and findings set forth in the draft and final EIS. This process can cause delays in issuance of
required permits or result in changes to a project to mitigate its potential environmental impacts, which can in turn impact the economic
feasibility of a proposed project.

 The Clean Water Act ("CWA"), and
comparable state statutes, impose restrictions and controls on the discharge of pollutants into waters of the United States. The discharge
of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous
state agency. The CWA regulates storm water at mining facilities and requires a storm water discharge permit for certain activities.
Such a permit requires the regulated facility to monitor and sample storm water run-off from its operations. The CWA and regulations
implemented thereunder also prohibit discharges of dredged and fill material in wetlands and other waters of the United States unless
authorized by an appropriately issued permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties
for unauthorized discharges of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning
up any environmental damage caused by the release and for natural resource damages resulting from the release.

 The Safe Drinking Water Act ("SDWA")
and the Underground Injection Control ("UIC") program promulgated thereunder, regulate the drilling and operation of subsurface
injection wells. The EPA directly administers the UIC program in some states and in others the responsibility for the program has been
delegated to the state. The program requires that a permit be obtained before drilling a disposal or injection well. Violation of these
regulations and/or contamination of groundwater by exploration, development, mining, processing or other related activities may result
in fines, penalties, and remediation costs, among other sanctions and liabilities under the SWDA and state laws. In addition, third party
claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

 Nevada

 Other Nevada regulations govern operating and
design standards for the construction and operation of any source of air contamination and landfill operations. Any changes to these
laws and regulations could have an adverse impact on our financial performance and results of operations by, for example, requiring changes
to operating constraints, technical criteria, fees or surety requirements.

 Employees

 As of the date of this filing, the Company
has seven employees. We continue to engage various independent contractors and consultants to fulfill additional needs. Additional
employees will be hired on an as needed basis.

 The Company's management values the benefits
that diversity can bring and seeks to maintain a management team and workforce comprised of talented and dedicated executives and employees
with a diverse mix of experience, skills and backgrounds collectively reflecting the strategic needs of the business and the nature of
the environment in which the Company operates. In identifying qualified candidates for available positions within the Company, the Company's
management will consider prospective candidates based on merit, having regard to those competencies, expertise, skills, background and
other qualities identified from time to time by management being important in fostering a diverse and inclusive culture which solicits
multiple perspectives and views and is free of conscious or unconscious bias and discrimination. The Company's management will
give due consideration to characteristics, such as gender, age, ethnicity, disability, sexual orientation and geographic representation.

 Gold Price History

 The price of gold is volatile and is affected
by numerous factors, all of which are beyond our control, such as the sale or purchase of gold by various central banks and financial
institutions, inflation, recession, fluctuation in the relative values of the U.S. dollar and foreign currencies, changes in global gold
demand and political and economic conditions.

 The following table presents the high, low and
average afternoon fixed prices in U.S. dollars for an ounce of gold on the London Bullion Market over the past five years:

 Year

 High

 Low

 Average

 2019

 1,546

 1,270

 1,393

 2020

 2,067

 1,474

 1,770

 2021

 1,943

 1,684

 1,797

 2022

 2,039

 1,628

 1,800

 2023

 2,115

 1,811

 1,943

 2024

 2,787

 1,992

 2,389

 Data Source: www.kitco.com

 Seasonality

 The Company's business operations, including
exploration of the Bullfrog and Reward gold projects, are not subject to material restrictions on our operations due to seasonality.

 Environmental Responsibility

 Augusta Gold is committed to effective environmental
stewardship. We have implemented and continue to develop business practices that are designed to reduce negative environmental impacts.
We believe part of being a good corporate citizen requires a dedicated focus on how our industry, precious metals mining, affects the
environment. In planning our development of the Bullfrog and Reward gold projects, we strive towards a more environmentally sound project
development plan at the projects and within the local community.

 Available Information

 We make available, free of charge, on or through
our Internet website, at www.augustagold.com, our Annual Report on Form 10-K, our quarterly reports on Form 10-Q and our current reports
on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Our Internet website
and the information contained therein or connected thereto are not intended to be, and are not incorporated into this Annual Report on
Form 10-K.

 ITEM 1A. RISK FACTORS

 You should carefully consider the following
risk factors in addition to the other information included in this Annual Report on Form 10-K. Each of these risk factors could materially
and adversely affect our business, operating results and financial condition, as well as materially and adversely affect the value of
an investment in our Common Shares. The risks described below are not the only ones facing the Company. Additional risks that we are
not presently aware of, or that we currently believe are immaterial, may also adversely affect our business, operating results and financial
condition. We cannot assure you that we will successfully address these risks or that other unknown risks exist that may affect our business.

 Financial Risks

 We have a history of losses and expect
to continue to incur losses in the future.

 With the exception of the current fiscal year,
we have incurred losses since inception, have negative cash flow from operating activities and expect to continue to incur losses in
the future.

 We have an accumulated deficit of approximately
$40,000,000 as of December 31, 2024. We expect to continue to incur losses unless and until such time as our Bullfrog or Reward gold
projects or one of our future acquired properties enters into commercial production and generates sufficient revenues to fund continuing
operations. We recognize that if we are unable to generate cash flows from mining operations and dispositions of our properties, we will
not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties,
expenses and difficulties frequently encountered by companies at the start up stage of their business development. We cannot be sure
that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect
on our financial condition.

 Negative Operating Cash Flow

 The Company is an exploration stage issuer and
has not generated cash flow from operations. The Company is devoting significant resources to the advancement of its Bullfrog and Reward
gold projects and to actively pursue exploration and development opportunities, however, there can be no assurance that it will generate
positive cash flow from operations in the future. The Company expects to continue to incur negative consolidated operating cash flow
and losses until such time as it achieves commercial production at a particular project. The Company currently has negative cash flow
from operating activities.

 We have a limited operating history on
which to base an evaluation of our business and prospects.

 Since our inception we have had no revenue from
operations. We have no history of producing metals from any of our properties. Our Bullfrog gold project is an exploration stage property
and we haven't made a development decisions on the Reward project which is a development stage property. Advancing properties from
exploration into the development stage and production stage requires significant capital and time, and successful commercial production
from a property, if any, will be subject to completing feasibility studies, permitting and construction of the mine, processing plants,
roads, and other related works and infrastructure. As a result, we are subject to all of the risks associated with developing and establishing
new mining operations and business enterprises including:

 completion
 of feasibility studies to verify reserves and commercial viability, including the ability
 to find sufficient gold/silver mineral reserves to support a commercial mining operation;

 the
 timing and cost, which can be considerable, of further exploration, preparing feasibility
 studies, permitting and construction of infrastructure, mining and processing facilities;

 the
 availability and costs of drill equipment, exploration personnel, skilled labor and mining
 and processing equipment, if required;

 the
 availability and cost of appropriate smelting and/or refining arrangements, if required;

 compliance
 with environmental and other governmental approval and permit requirements;

 the
 availability of funds to finance exploration, development and construction activities, as
 warranted;

 potential
 opposition from non-governmental organizations, environmental groups, local groups or local
 inhabitants which may delay or prevent development activities;

 potential
 increases in exploration, construction and operating costs due to changes in the cost of
 fuel, power, materials and supplies; and

 potential
 shortages of mineral processing, construction and other facilities related supplies.

 The costs, timing and complexities of exploration,
development and construction activities may be increased by the location of our properties and demand by other mineral exploration and
mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if commenced,
development, construction and mine start-up. Accordingly, our activities may not result in profitable mining operations and we may not
succeed in establishing mining operations or profitably producing metals at any of our properties.

 We will need to obtain additional
financing to fund our exploration programs.

 If we raise additional funds by issuing additional
equity or convertible debt securities, the ownership of existing stockholders may be diluted and the securities that we may issue in
the future may have rights, preferences or privileges senior to those of the current holders of our common stock. If we raise additional
funds by issuing debt, we could be subject to debt covenants that could place limitations on our operations and financial flexibility.

 Increased costs could affect our financial
condition.

 We anticipate that costs at our projects and
properties that we may explore or develop will frequently be subject to variation from one year to the next due to a number of factors,
such as changing grade, metallurgy and revisions to mine plans, if any, in response to the physical shape and location of the body. In
addition, costs are affected by the price of commodities such as fuel, steel, rubber, and electricity. Such commodities are at times
subject to volatile price movements, including increases that could make production at certain operations less profitable. A material
increase in costs at any significant location could have a significant effect on our profitability.

 Operating Risks

 Our Bullfrog gold project is in the exploration
stage.

 The Bullfrog has estimated mineral resources,
but there has not been a mineral reserve estimation in accordance with S-K 1300. There is no assurance that we can establish the existence
of any mineral reserves on the Bullfrog gold projects in commercially exploitable quantities. Until we can do so, we cannot earn any
revenues from the Bullfrog project and if we do not do so, we will lose all of the funds that we expend on exploration. If we do not
discover any mineral reserves in a commercially exploitable quantity, the exploration component of our business could fail.

 The probability of an individual prospect ever
having a "reserve" that meets the requirements of the SEC's S-K 1300 standards is extremely remote. In all probability
our Bullfrog project does not contain any "reserves" and any funds that we spend on exploration could be lost. Even if we
do eventually discover a mineral reserve on our Bullfrog Project, there can be no assurance that it can be developed into a producing
mine and that we can extract those minerals. While we do have a mineral reserve at our Reward Project, there can be no assurance that
it can be developed into a producing mine and that we can extract those minerals. Both mineral exploration and development involve a
high degree of risk and few mineral properties which are explored are ultimately developed into producing mines.

 The commercial viability of an established mineral
deposit will depend on a number of factors including, by way of example, the size, grade and other attributes of the mineral deposit,
the proximity of the mineral deposit to infrastructure such as a smelter, roads and a point for shipping, government regulation and market
prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified
mineral deposit unprofitable.

 We cannot be assured that the Bullfrog
gold project is feasible or that the Reward Project feasibility study will accurately forecast economic results.

 The Bullfrog and Reward gold projects are our
principal assets. Our future profitability depends largely on the economic feasibility of the projects. We have a feasibility study on
our Reward project but to not have a feasibility study on our Bullfrog project. Before arranging financing for development and production
at the Bullfrog gold project, we will have to complete a feasibility study. The results of any feasibility study may not be as favorable
as the results of our prior studies. There can be no assurance that mining processes and results including potential gold production
rates, revenue, capital and operating costs including taxes and royalties will not vary unfavorably from the estimates and assumptions
included in such feasibility study, including the Reward project feasibility study. There can be no assurance that the Company will be
able to realize the results of its Reward project feasibility study.

 The Bullfrog and Reward gold projects require
substantial capital investment and we may be unable to raise sufficient capital on favorable terms or at all.

 The exploration and, if warranted, development
and operation of the Bullfrog and Reward gold projects will require significant capital. Our ability to raise sufficient capital and/or
secure a development partner on satisfactory terms, if at all, will depend on several factors, including a favorable feasibility study,
acquisition of the requisite permits, macroeconomic conditions, and future gold prices. Uncontrollable factors or other factors such
as lower gold prices, unanticipated operating or permitting challenges, perception of environmental impact or, illiquidity in the debt
markets or equity markets, could impede our ability to finance the Bullfrog or Reward gold projects on acceptable terms, or at all, including
the cost of such capital and other conditions of financing arrangements that impose restrictive covenants and security interests that
may affect the Company's ability to operate as intended and ultimately its ability to continue as a going concern.

 We may not be able to get the required
permits at the Bullfrog and Reward gold projects in a timely manner or at all.

 Any delay in acquiring the requisite permits,
or failure to receive required governmental approvals could delay or prevent the start of exploration or, if warranted, development of
the Bullfrog and Reward gold projects. If we are unable to acquire permits to explore, develop or mine the property, then the projects
cannot be developed and operated. In addition, the properties would have no reserves under S-K 1300, which could result in an impairment
of the carrying value of the project.

 We are a junior gold exploration company
with no mining operations, and we may never have any mining operations in the future.

 Our business is exploring for gold and other
minerals. In the event that we discover commercially exploitable gold or other deposits, we will not be able to generate any sales from
them unless the gold or other minerals are actually mined, or we sell all or a part of our interest. Accordingly, we will need to find
some other entity to mine our properties on our behalf, mine them ourselves or sell our rights to mine to third parties. Mining operations
in the United States are subject to many different federal, state, and local laws and regulations, including stringent environmental,
health and safety laws. In the event we assume any operational responsibility for mining our properties, it is possible that we will
be unable to comply with current or future laws and regulations, which can change at any time. It is possible that changes to these laws
will be adverse to any potential mining operations. Moreover, compliance with such laws may cause substantial delays and require capital
outlays in excess of those we anticipate, adversely affecting any potential mining operations of ours. Our future mining operations,
if any, may also be subject to liability for pollution or other environmental damage. It is possible that we will choose to not be insured
against this risk because of high insurance costs or other reasons.

 Difficulties we may encounter managing
our growth could adversely affect our results of operations.

 As our business needs expand, we may need to
hire a significant number of employees. This expansion may place a significant strain on our managerial and financial resources. To manage
the potential growth of our operations and personnel, we will be required to:

 improve
 existing, and implement new, operational, financial and management controls, reporting systems
 and procedures;

 install
 enhanced management information systems; and

 train,
 motivate and manage our employees.

 We may not be able to install adequate management
information and control systems in an efficient and timely manner, and our current or planned personnel, systems, procedures and controls
may not be adequate to support our future operations. If we are unable to manage growth effectively, our business would be seriously
harmed.

 If we lose key personnel or are unable
to attract and retain additional qualified personnel, we may not be able to successfully manage our business and achieve our objectives.

 We believe our future success will depend upon
our ability to retain our key management. We may not be successful in attracting and retaining employees in the future and the loss of
the key members of management would have a material adverse effect on our operations.

 The outbreak of another coronavirus or
similar pandemic may impact the Company's plans and activities

 The Company's exploration and development
activities may be affected by existing or threatened medical pandemics, such as the novel coronavirus (COVID-19). A government may impose
strict emergency measures in response to the threat or existence of an infectious disease, such as the emergency measures imposed by
governments of many countries and states in response to the COVID-19 virus pandemic. As such, there are potentially significant economic
and social impacts of infectious diseases, including but not limited to the inability of the Company to develop and operate as intended,
shortage of skilled employees or labor unrest, inability to access sufficient healthcare, significant social upheavals or unrest, disruption
to operations, supply chain shortages or delays, travel and trade restrictions, government or regulatory actions or inactions (including
but not limited to, changes in taxation or policies, or delays in permitting or approvals, or mandated shut downs), declines in the price
of precious metals, capital markets volatility, availability of credit, loss of investor confidence and impact on economic activity in
affected countries or regions. In addition, such pandemics or diseases represent a serious threat to maintaining a skilled workforce
in the mining industry and could be a major health-care challenge for the Company. There can be no assurance that the Company or the
Company's personnel will not be impacted by these pandemic diseases and the Company may ultimately see its workforce productivity
reduced or incur increased medical costs/insurance premiums as a result of these health risks. COVID-19 is rapidly evolving and the effects
on the mining industry and the Company are uncertain. The Company may not be able to accurately predict the impact of infectious disease,
including COVID-19, or the quantum of such risks. There can be no assurance that the Company will not be impacted by adverse consequences
that may be brought about by pandemics on global financial markets, which may reduce resources, share prices and financial liquidity
and may severely limit the financing capital available to the Company.

 Mining Risks

 The nature of mineral exploration and production
activities involves a high degree of risk and the possibility of uninsured losses.

 Exploration for minerals is highly speculative
and involves much greater risk than many other businesses. Most exploration programs do not result in the discovery of mineralization,
and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Our operations are, and any future
development or mining operations we may conduct will be, subject to all of the operating hazards and risks normally incident to exploring
for and development of mineral properties, such as, but not limited to:

 economically
 insufficient mineralized material;

 the
 ability to find sufficient gold, silver or other metal reserves to support a profitable mining
 operation;

 fluctuation
 in production costs that make mining uneconomical;

 labor
 disputes;

 unanticipated
 variations in grade and geological characteristics;

 environmental
 events such as storms and flooding;

 water
 availability;

 difficult
 surface or underground conditions;

 industrial
 accidents;

 unexpected
 metallurgical response;

 mechanical
 and equipment performance limitations;

 geotechnical
 constraints; and

 decrease
 in the value of mineralized material due to lower gold and/or silver prices.

 Any of these risks can materially and adversely
affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues
and production dates. We currently have very limited insurance to guard against some of these risks. If we determine that capitalized
costs associated with any of our mineral interests are not likely to be recovered, we would incur a write-down of our investment in these
interests. All of these factors may result in losses in relation to amounts spent which are not recoverable or result in additional expenses.

 Estimates of mineral reserves and mineral
resources are subject to evaluation uncertainties that could result in project failure.

 Unless otherwise indicated, mineral reserve and
mineral resource figures presented in this Annual Report and in our filings with securities regulatory authorities, press releases and
other public statements that may be made from time to time are based upon estimates made by independent geologists and mining engineers.
When making determinations about whether to advance any of our projects to development, we must rely upon such estimates as to mineral
resources, mineral reserves and grades on our properties.

 Our exploration and future mining operations,
if any, are and would be faced with risks associated with being able to accurately predict the quantity and quality of mineral reserves
and mineral resources using sampling techniques and known mineral reserve and mineral resource estimation methodologies. Estimates of
mineral reserves and mineral resources on our properties would be made using samples obtained from drilling programs. There is an inherent
variability of assays between paired samples (proximal to each other) that cannot be reasonably eliminated. Additionally, there also
may be unknown geologic details that have not been identified or correctly defined at the current level of accumulated knowledge about
our properties. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating mineral reserves
and mineral resources.

 Any material changes in mineral reserves
and mineral resources and grades will affect the economic viability of placing a property into production and a property's return
on capital.

 As we have not commenced actual production, mineral
reserve and mineral resource estimates may require adjustments or downward revisions. In addition, the grade ultimately mined, if any,
may differ from that indicated by our technical reports and drill results. Minerals recovered in small scale tests may not be duplicated
in large scale tests under existing on-site conditions or in production scale.

 The mineral reserve and mineral resource estimates
contained in this Annual Report have been determined based on assumed future prices, cut-off grades and operating costs that may prove
to be inaccurate. Extended declines in market prices for gold or silver may render portions of our mineral reserves and mineral resources
uneconomic and result in reduced reported mineralization or adversely affect any commercial viability determinations we may reach. Any
material reductions in estimates of mineral reserves mineral resources, or of our ability to extract mineral reserves mineral resources,
could have a material adverse effect on our share price and the value of our properties.

 Our exploration activities on our properties
may not be commercially successful, which could lead us to abandon our plans to develop our properties and our investments in exploration.

 Our long-term success is in part dependent on
our ability to identify mineral deposits on our existing projects and other properties we may acquire, if any, that we can then develop
into commercially viable mining operations. Mineral exploration is highly speculative in nature, involves many risks and is frequently
non-productive. These risks include unusual or unexpected geologic formations, and the inability to obtain suitable or adequate equipment,
or labor. The success of gold, silver and other commodity exploration is determined in part by the following factors:

 the
 identification of potential mineralization based on surficial analysis;

 availability
 of government-granted exploration permits;

 the
 quality of our management and our geological and technical expertise; and

 the
 capital available for exploration and development work.

 Substantial expenditures are required to establish
proven and probable mineral reserves through drilling and analysis, to develop metallurgical processes to extract metal, and to develop
the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit will be commercially
viable depends on a number of factors, which include, without limitation, the particular attributes of the deposit, such as size, grade
and proximity to infrastructure; metal prices, which fluctuate widely; and government regulations, including, without limitation, regulations
relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. We may
invest significant capital and resources in exploration activities and abandon such investments if we are unable to identify commercially
exploitable mineral reserves. The decision to abandon a project may have an adverse effect on the market value of our securities and
the ability to raise future financing.

 The volatility of the price of gold and
silver could adversely affect our future operations and, if warranted, our ability to develop our properties.

 The potential for profitability of our operations,
the value of our Bullfrog and Reward gold projects or other properties we may acquire, the market price of our shares of common stock
and our ability to raise funding to conduct continued exploration and development, if warranted, are directly related to the market price
of gold and silver. Our decision to put a mine into production and to commit the funds necessary for that purpose must be made long before
the first revenue from production would be received. A decrease in the price of gold and/or silver may prevent our properties from being
economically mined or result in the write-off of assets whose value is impaired as a result of lower gold and silver prices. The prices
of gold and silver are affected by numerous factors beyond our control, including inflation, fluctuation of the U.S. dollar and foreign
currencies, global and regional demand, the sale of gold by central banks, and the political and economic conditions of major gold and
silver producing countries throughout the world.

 The volatility in gold prices is illustrated
in the table presented under "Part I - Item 1. Business - Gold Price History" above.

 The volatility of metal prices represents a substantial
risk which no amount of planning or technical expertise can fully eliminate. In the event gold and/or silver prices decline or remain
low for prolonged periods of time, we might be unable to develop our properties, which may adversely affect our results of operations,
financial performance and cash flows.

 We are subject to significant governmental
regulations, which affect our operations and costs of conducting our business.

 Our current and future operations are and will
be governed by laws and regulations, including:

 laws
 and regulations governing mineral concession acquisition, prospecting, development, mining
 and production;

 laws
 and regulations related to exports, taxes and fees;

 labor
 standards and regulations related to occupational health and mine safety; and

 environmental
 standards and regulations related to waste disposal, toxic substances, land use and environmental
 protection.

 Companies engaged in exploration activities often
experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations
and permits. Failure to comply with applicable laws, regulations and permits may result in enforcement actions, including the forfeiture
of mineral claims or other mineral tenures, orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed,
and may include corrective measures requiring capital expenditures, installation of additional equipment or costly remedial actions.
We may be required to compensate those suffering loss or damage by reason of our mineral exploration activities and may have civil or
criminal fines or penalties imposed for violations of such laws, regulations and permits.

 Existing and possible future laws, regulations
and permits governing operations and activities of exploration companies, or more stringent implementation, could have a material adverse
impact on our business and cause increases in capital expenditures or require abandonment or delays in exploration.

 Our business is subject to extensive environmental
regulations which may make exploring for or mining prohibitively expensive, and which may change at any time.

 All our operations are subject to extensive environmental
regulations which can make exploration expensive or prohibit it altogether. We may be subject to potential liabilities associated with
the pollution of the environment and the disposal of waste products that may occur as the result of exploring and other related activities
on our properties. We may have to make payments to remedy environmental pollution, which may reduce the amount of money that we have
available to use for exploration. This may adversely affect our financial position, which may cause shareholders to lose their investment.
If we are unable to fully remedy an environmental problem, we might be required to suspend operations or to enter into interim compliance
measures pending the completion of the required remedy. If our properties are mined and we retain any operational responsibility for
doing so, our potential exposure for remediation may be significant, and this may have a material adverse effect upon our business and
financial position. We have not purchased insurance for potential environmental risks (including potential liability for pollution or
other hazards associated with the disposal of waste products from our exploration activities).

 If we mine one or more of our properties and
retain operational responsibility for mining, then such insurance may not be available to us on reasonable terms or at a reasonable price.
All of our exploration and, if warranted, development activities may be subject to regulation under one or more local, state and federal
environmental impact analyses and public review processes. Future changes in applicable laws, regulations and permits or changes in their
enforcement or regulatory interpretation could have significant impact on some portion of our business, which may require us to re-evaluate
our business from time to time. These risks include, but are not limited to, the risk that regulatory authorities may increase bonding
requirements beyond our financial capability. Inasmuch as posting of bonding in accordance with regulatory determinations is a condition
to the right to operate under all material operating permits, increases in bonding requirements could prevent operations even if we are
in full compliance with all substantive environmental laws.

 Our property titles may be challenged.
We are not insured against any challenges, impairments or defects to our mineral claims or property titles. We have not fully verified
title to our properties.

 Unpatented claims were created and maintained
in accordance with the federal General Mining Law of 1872. Unpatented claims are unique U.S. property interests and are generally considered
to be subject to greater title risk than other real property interests because the validity of unpatented claims is often uncertain.
This uncertainty arises, in part, out of the complex federal and state laws and regulations under the General Mining Law. Although the
annual payments and filings for these claims, permits and patents have been maintained, we have conducted limited title search on our
properties. The uncertainty resulting from not having comprehensive title searches on the properties leaves us exposed to potential title
suits. Defending any challenges to our property titles may be costly and may divert funds that we could otherwise use for exploration
activities and other purposes. In addition, unpatented claims are always subject to possible challenges by third parties or contests
by the federal government, which, if successful, may prevent us from exploiting our discovery of commercially extractable gold. Challenges
to our title may increase our costs of operation or limit our ability to explore certain portions of our properties. We are not insured
against challenges, impairments or defects to our property titles, nor do we intend to carry extensive title insurance in the future.

 Possible amendments to the General Mining
Law could make it more difficult or impossible for us to execute our business plan.

 The U.S. Congress has considered proposals to
amend the General Mining Law of 1872 that would have, among other things, permanently banned the sale of public land for mining. The
proposed amendment would have expanded the environmental regulations to which we are subject and would have given Indian tribes the ability
to hinder or prohibit mining operations near tribal lands. The proposed amendment would also have imposed a royalty of 8% of gross revenue
on new mining operations located on federal public land, which would have applied to substantial portions of our properties. The proposed
amendment would have made it more expensive or perhaps too expensive to recover any otherwise commercially exploitable gold deposits
which we may find on our properties. While at this time the proposed amendment is no longer pending, this or similar changes to the law
in the future could have a significant impact on our business.

 Market forces or unforeseen developments
may prevent us from obtaining the supplies and equipment necessary to explore for gold and other minerals.

 Gold exploration, and resource exploration in
general, requires engaging contractors, and may result in unforeseen shortages of supplies and/or equipment that could result in the
disruption of our planned exploration activities. Current demand for exploration drilling services, equipment and supplies is robust
and could result in suitable equipment and skilled manpower being unavailable at scheduled times for our exploration program. Fuel prices
are extremely volatile as well. We will attempt to locate suitable equipment, materials, manpower and fuel if we have sufficient funds
to do so. If we cannot find the equipment and supplies needed for our various exploration programs, we may have to suspend some or all
of them until equipment, supplies, funds and/or skilled manpower become available. Any such disruption in our activities may adversely
affect our exploration activities and financial condition.

 We may not be able to maintain the infrastructure
necessary to conduct exploration activities.

 Our exploration activities depend upon adequate
infrastructure. Reliable roads, bridges, power sources and water supply are important factors which affect capital and operating costs.
Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure
could adversely affect our exploration activities and financial condition.

 Regulations and pending legislation governing
issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.

 A number of governments or governmental bodies
have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact
of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners
and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting
and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability
to compete with companies situated in areas not subject to such limitations. Given the emotion, political significance and uncertainty
around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our
financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and
any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could
harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain and would be particular
to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities,
water shortages, changing sea levels and changing temperatures. These impacts may adversely impact the cost, production and financial
performance of our operations.

 Our relationship with the communities in
which we operate impacts the future success of our operations.

 Our relationship with the communities in which
we operate is important to ensure the future success of our existing operations. While we believe our relationships with the communities
in which we operate are strong, there is an increasing level of public concern relating to the perceived effect of mining activities
on the environment and on communities impacted by such activities. Certain non-governmental organizations ("NGOs"), some
of which oppose globalization and resource development, are often vocal critics of the mining industry and its practices. Adverse publicity
generated by such NGOs or others related to extractive industries generally, or its operations specifically, could have an adverse effect
on our reputation or financial condition and may impact its relationship with the communities in which we operate. While we believe that
we operate in a socially responsible manner, there is no guarantee that our efforts in this respect will mitigate this potential risk.

 General Risks

 Our business is subject to evolving corporate
governance and public disclosure regulations that have increased both our compliance costs and the risk of noncompliance, which could
have an adverse effect on our stock price.

 We are subject to changing rules and regulations
promulgated by a number of governmental and self-regulated organizations, including the SEC, applicable securities regulatory authorities
in Canada, the Canadian Securities Exchange, applicable Canadian authorities and the Financial Accounting Standards Board. These rules
and regulations continue to evolve in scope and complexity and many new requirements have been created in response to laws enacted by
Congress, making compliance more difficult and uncertain. Our efforts to comply with new regulations have resulted in, and are likely
to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating
activities to compliance activities.

 We are required to comply with Canadian
securities regulations and are subject to additional regulatory scrutiny in Canada.

 We are a "reporting issuer" in Canada.
As a result, our disclosure outside the United States differs from the disclosure contained in our SEC filings. Our reserve and resource
estimates disseminated outside the United States are not directly comparable to those made in filings subject to SEC reporting and disclosure
requirements, as we generally report reserves and resources in accordance with Canadian practices. These practices are different from
the practices used to report reserve and resource estimates in reports and other materials filed with the SEC. It is Canadian practice
to report measured, indicated, and inferred resources, which are generally not permitted in disclosures filed with the SEC. In the United
States, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned
not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, "inferred
resources" have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.
Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC only permits issuers
to report "resources" as in-place tonnage and grade without reference to unit measures. Accordingly, information concerning
descriptions of mineralization, reserves, and resources contained in disclosures released outside the United States may not be comparable
to information made public by other United States companies subject to the reporting and disclosure requirements of the SEC.

 We are also subject to increased regulatory scrutiny
and costs associated with complying with securities legislation in Canada. For example, we are subject to civil liability for misrepresentations
in written disclosure and oral statements. Legislation has been enacted in these provinces which creates a right of action for damages
against a reporting issuer, its directors and certain of its officers in the event that the reporting issuer or a person with actual,
implied, or apparent authority to act or speak on behalf of the reporting issuer releases a document or makes a public oral statement
that contains a misrepresentation or the reporting issuer fails to make timely disclosure of a material change. We do not anticipate
any particular regulation that would be difficult to comply with. However, failure to comply with regulations may result in civil awards,
fines, penalties, and orders that could have an adverse effect on us.

 Our stock price may be volatile.

 The stock market in general has experienced volatility
that often has been unrelated to the operating performance of any specific public company. The market price of our common stock is likely
to be highly volatile and could fluctuate widely in price in response to various factors, many of which are beyond our control, including
the following:

 changes
 in our industry;

 competitive
 pricing pressures;

 our
 ability to obtain working capital financing;

 additions
 or departures of key personnel;

 limited
 "public float" in the hands of a small number of persons whose sales or lack
 of sales could result in positive or negative pricing pressure on the market prices of our
 common stock;

 sales
 of our common stock;

 our
 ability to execute our business plan;

 operating
 results that fall below expectations;

 loss
 of any strategic relationship;

 regulatory
 developments;

 economic
 and other external factors; and

 period-to-period
 fluctuations in our financial results.

 In addition, the securities markets have from
time to time experienced significant price and volume fluctuations that are unrelated to the operating performance of particular companies.
These market fluctuations may also materially and adversely affect the market price of our common stock.

 We have never paid nor do we expect in
the near future to pay dividends.

 We have never paid cash dividends on our capital
stock and do not anticipate paying any cash dividends on our common stock for the foreseeable future. Investors should not rely on an
investment in our Company if they require income generated from dividends paid on our capital stock. Any income derived from our common
stock would only come from rise in the market price of our common stock, which is uncertain and unpredictable.

 Broker-dealers may be discouraged from
effecting transactions in shares of common stock because they are considered a penny stock and are subject to the penny stock rules.

 Our shares of common stock are currently considered
a "penny stock." The SEC has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security
that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain
exceptions. The shares of common stock are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers
who sell to persons other than established customers and "accredited investors." The term "accredited investor"
refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual
income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction
in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC,
which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must
provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson
in the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account.
The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or
in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation.
In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer
must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's
written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in
the secondary market for the shares of common stock. Consequently, these penny stock rules may affect the ability of broker-dealers to
trade in the shares of common stock.

 Offers or availability for sale of a substantial
number of shares of our common stock may cause the price of our common stock to decline.

 If our stockholders sell substantial amounts
of our common stock in the public market upon the expiration of any statutory holding period, under Rule 144, or issued upon the exercise
of outstanding options or warrants or upon the conversion of our Series B Preferred Stock, it could create a circumstance commonly referred
to as an "overhang" and in anticipation of which the market price of our common stock could fall. The existence of an overhang,
whether or not sales have occurred or are occurring, also could make more difficult our ability to raise additional financing through
the sale of equity or equity related securities in the future at a time and price that we deem reasonable or appropriate.

 We are dependent upon information technology
systems, which are subject to disruption, damage, failure and risks associated with implementation and integration. A cybersecurity breach
could occur and result in information theft, data corruption, operational disruption, disclosure of business sensitive, confidential
or personally identifiable information, misdirected wire transfers, reputational harm, and financial loss.

 We are dependent upon information technology
systems in the conduct of our operations. Our information technology systems are subject to disruption, damage or failure from a variety
of sources, including, without limitation, computer viruses, security breaches, cyber-attacks, natural disasters and defects in design.
Cybersecurity incidents, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized
access to data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential
or otherwise protected information and the corruption of data. Various measures have been implemented to manage our risks related to
information technology systems and network disruptions. However, given the unpredictability of the timing, nature and scope of information
technology disruptions, we could potentially be subject to operational delays, the compromising of confidential or otherwise protected
information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or
financial losses from remedial actions, any of which could have a material adverse effect on our cash flows, competitive position, financial
condition or results of operations.

 We are or may become subject to data privacy
laws, regulations, litigation and directives relating to our processing of personal information.

 The jurisdictions in which we operate (including
the United States) have laws governing how we must respond to a cyber incident that results in the unauthorized access, disclosure, or
loss of personal information. Additionally, new laws and regulations governing data privacy and unauthorized disclosure of personal information
and imposing certain cybersecurity-related requirements may provide for a private right of action and imposition of significant fines,
pose increasingly complex compliance challenges. Some or all of such legislation will elevate our compliance costs over time. Our business
involves collection, use, and other processing of personal information and personally identifiable information of our employees, investors,
contractors, suppliers, and customer contacts. As legislation continues to develop and cyber incidents continue to evolve, we will likely
be required to expend significant resources to continue to modify or enhance our protective measures to comply with such legislation
and to detect, investigate and remediate vulnerabilities to cyber incidents that relate to data privacy. Any failure by us, or a company
we acquire, to comply with such laws and regulations could result in reputational harm, loss of goodwill, penalties, liabilities, remediation
costs, or mandated changes in our business practices. Each has the potential to materially impact our financial condition.

 ITEM 1B. UNRESOLVED STAFF
COMMENTS

 Not applicable.

 ITEM 1C. CYBERSECURITY

 Description of Processes for Assessing,
Identifying and Managing Cybersecurity Risks

 We have a cybersecurity program, which uses technology
and processes to help mitigate cybersecurity risks, with our management team working to monitor, assess, identify, and respond to potential
cybersecurity incidents that threaten the Company. The program also focuses on security awareness and training for employees and contractors
with access to Company facilities or systems. Cybersecurity risks for the Company include financial loss, loss of data, and business
interruption. We maintain technology and non-technology based system controls, cybersecurity insurance, a robust backup program, and
disaster recovery testing to mitigate these risks.

 Our cybersecurity program also follows defense
in depth principles, which aim to implement various layered access control, detection, prevention, and response measures. We regularly
engage with independent third parties to assess our vulnerabilities and help us mitigate cybersecurity-related risks. Our security posture
is also tested by internal personnel and independent third parties to gauge its effectiveness from time to time.

 Management's Role in Assessing and
Managing Cybersecurity Risks

 The Company's cybersecurity risk management
and strategy processes for assessing, identifying, and managing material risks from cybersecurity threats are managed by members of our
management team, primarily our SVP Corporate Affairs. Cybersecurity incidents are to be immediately reported to the Company's management
team for resolution with outsourced IT support team. Information technology general controls, including controls to mitigate cybersecurity
risks, are included with management's testing of internal control over financial reporting.

 Board of Director's Oversight of
Risks from Cybersecurity

 Cybersecurity risks are included in an overall
enterprise risk management assessment which is reviewed each year by the Company's audit committee. The Company engages third-party
 specialists on a periodic and rotating basis to review key information technology systems and provide recommendations for system updates
and improvements. Results of these reviews are used to update information technology systems within the Company's information system
governance policies. The Company management reviews system and organization control reports (SOC 1, Type 2) for key outsourced information
systems to ensure that third-party data processing is subject to appropriate controls and security measures. The Company's management
will also review the Company's cybersecurity program with the full Board once every year.

 No Previous Material Cybersecurity Threats

 We are not aware of any previous cybersecurity
threats that have materially affected or are reasonably likely to materially affect the Company. Despite the security and risk management
measures that we have implemented and any additional measures we may implement or adopt in the future, our facilities and systems, and
those of our third-party service providers, have been and are vulnerable to security breaches, computer viruses, lost or misplaced data,
programming errors, scams, burglary, human errors, acts of vandalism, misdirected wire transfers, or other malicious or criminal activities.
A successful attack on our information or operational technology systems could have material consequences to the Company. While we devote
resources to our security measures to protect our systems and information, these measures cannot provide absolute security. See "Item
1A. Risk Factors" for additional information about the risks to our business associated with a breach or compromise to our information
technology systems.

 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, an issue date of March 16, 2022, and an
amended issue date of December 18, 2023 (the "Bullfrog Technical Report").

 The Bullfrog Technical Report was prepared by
Forte Dynamics, Inc., a QP firm, in compliance with S-K 1300.

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

 On September 30, 2024, the Company released its
feasibility study for its Reward Gold Project in Nye County, Nevada. The report titled "Feasibility Technical Report for the Reward
Project Nye County, NV, USA" with an effective date of September 3, 2024 and a signing date of September 30, 2024, was prepared
for the Company by Mark Gorman of Kappes, Cassiday & Associates; Thomas Dyer of RESPEC; Mike Dufresne of APEX Geoscience Ltd.; Timothy
D. Scott of Kappes, Cassiday & Associates; Mathew Haley of NewFields; James Cremeens of Knight Pi sold and Co.; and Mark Willow
of SRK Consulting (U.S.), Inc., each of whom is a qualified person under S-K 1300 (the "Reward Technical Report").

 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 two gold
properties located in the state of Nevada, including the Bullfrog Gold Project and the Reward Gold Project. The Bullfrog Gold Project
is an exploration stage property with measured, indicated and inferred resources. The Bullfrog Gold Project has no known mineral reserves.
The Reward Gold Project is a development stage property and has known mineral reserves, but the Company is not currently engaged in the
preparation of the mineral reserves for extraction and therefore the Company remains an the exploration stage issuer. 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 $200 per claim due to the BLM and $12 per claim
 plus a $12 document charge 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, 2024 (Exclusive of Mineral Reserves)

 Measured mineral

 resources

 Indicated mineral

 resources

 Measured and

 indicated mineral

 resources

 Inferred mineral

 resources

 (koz)

 (g/t)

 (koz)

 (g/t)

 (koz)

 (g/t)

 (koz)

 (g/t)

 Gold

 United States (Nevada)

 Bullfrog Project

 526.7

 0.54

 682.6

 0.52

 1,209.3

 0.53

 257.9

 0.48

 Reward Project

 7.7

 0.32

 53.9

 0.49

 61.6

 0.46

 27.5

 0.69

 Total Gold

 534.4

 0.53

 736.5

 0.52

 1,270.9

 0.53

 285.4

 0.49

 Silver

 United States (Nevada)

 Bullfrog Project

 1,309.1

 1.35

 1557.5

 1.18

 2,866.6

 1.26

 515.7

 0.96

 Total Silver

 1,309.1

 1.35

 1557.5

 1.18

 2,866.6

 1.26

 515.7

 0.96

 The above table does not include Mineral Reserves

 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

 Summary of Mineral Reserves
at End of Fiscal Year Ended December 31, 2024

 Proven
 mineral reserves

 Probable
 mineral reserves

 Total
 mineral reserves

 (koz.)

 (oz./t)

 (koz.)

 (oz./t)

 (koz.)

 (oz./t)

 Gold

 United States (Nevada)

 Reward Project

 0.027

 0.023

 0.025

 Total Gold

 0.027

 0.023

 0.025

 1.
 All
 estimates of Mineral Reserves have been prepared in accordance with National
 Instrument 43 - 101 – Standards of Disclosure for Mineral Projects (" NI
 43-101 ") and Item 1300 of Regulation S-K of the United States Securities Exchange
 Act of 1934, as amended (" S-K 1300 ")

 2.
 Thomas L. Dyer, PE, RESPEC
of Reno, Nevada, is a Qualified Person as defined in NI 43-101 and S-K 1300, is responsible
for reporting Proven and Probable Mineral Reserves for the Reward Project. Mr. Dyer is independent of the Company.

 3.
 Mineral Reserves are based
on prices of $1,850 per ounce Au. The reserves were defined based on pit designs that were created to follow optimized pit shells created
in Whittle.

 4.
 Reserves are reported using
a 0.008 Au oz/t cut-off grade

 5.
 The Mineral Reserves point
of reference is the point where is material is fed into the crusher.

 6.
 The effective date of the Mineral
Reserves estimate is December 31, 2024.

 7.
 Columns may not sum due to
rounding.

 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, 2024

Based on $1,550/oz. Gold and $20/oz. Silver

 Combined Global Resources - Oxide
 and Sulphide

 Classification

 (Mt)

 Au
 grade
 (g/t)

 Ag
 grade
 (g/t)

 Au
 (koz)

 Ag
 (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.
 Due to rounding, some columns
or rows may not compute as shown.

 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, 2024

Based on $1,550/oz. Gold and $20/oz. Silver

 Mineral Resources - Bullfrog

 Redox

 Classification

 (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

 Sulfide

 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 Sulfide

 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.
 Due to rounding, some columns
or rows may not compute as shown.

 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, 2024

Based on $1,550/oz. Gold and $20/oz. Silver

 Mineral Resources - Montgomery-Shoshone

 Redox

 Classification

 (Mt)

 Au
 grade

 (g/t)

 Ag
 grade

 (g/t)

 Au

 (koz)

 Ag

 (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.
 Due to rounding, some columns
or rows may not compute as shown.

 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 - Bonanza Area, Gold
and Silver Mineral Resources at the End of the Fiscal Year Ended December 31, 2024

Based on $1,550/oz. Gold and $20/oz. Silver

 Mineral Resources - Bonanza

 Redox

 Classification

 (Mt)

 Au
 grade
 (g/t)

 Ag
 grade
 (g/t)

 Au
 (koz)

 Ag
 (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.
 Due to rounding, some columns
or rows may not compute as shown.

 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, 2024 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 2024. The material assumptions underlying mineral resources
as previously disclosed at December 31, 2024 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 entered into 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. Monthly demand and
energy rates were estimated at $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 Gold 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. No holes were drilled by Augusta Gold in 2023 or
2024.

 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 2.

 Table 2: 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

 2024 Project Exploration Plans

 Subject to funding, the Company's focus
in 2024 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 ("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 Reward Project is a development stage property.
While the property has mineral reserves, the Company is not engaged in the preparation of the mineral reserves for extraction at this
time.

 Mineral Reserve and Resource Estimates

 Mineral Reserves

 Mr. Thomas L. Dyer, P.E. of RESPEC classifies
reserves in order of increasing confidence into Proven and Probable categories to be in accordance with the "CIM Definition Standards
– For Mineral Resources and Mineral Reserves" (2014), which are reasonable for US SEC reporting. Thus, the QP considers the
reported mineral reserves to be both NI 43-101 and S-K 1300 compliant. Mineral Reserves for the Reward Project were developed by applying
relevant economic criteria to define the economically extractable portions of the resources classified as Measured and Indicated. CIM
standards require that modifying factors be used to convert Mineral Resources to Reserves. Definitions for Proven and Probable Mineral
Reserves along with Modifying Factors are in the CIM Definition Standards (2014).

 Mr. Dyer used the block model of Measured and
Indicated resources provided by APEX and referenced in the Reward Technical Report in Section 14 as the basis to define reserves for
the Reward Project. Mineral Reserve definition was undertaken by identifying ultimate pit limits using economic parameters and pit optimization
techniques. The resulting optimized pit shells were used for guidance in pit design to allow access for equipment and personnel. Mr.
Dyer then considered mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, and governmental
factors for defining the estimated reserves.

 Pit designs are based on geotechnical parameters
provided by Knight Pi sold. The open pit design was completed using three pit phases. Waste Rock Storage Facility ("WRSF")
designs include north, south, and southwest waste dumps along with some backfill placed in Phase 1 and Phase 2 pits. The waste dumps
and backfill areas were designed to contain all the waste material associated with Proven and Probable reserves.

 RESPEC used the pit and waste dump designs to
develop a production schedule, which was then used in the financial model prepared by KCA. RESPEC reviewed the cash flow model and believes
it demonstrates that the deposits generate a positive cash flow and are reasonable with respect to statement of reserves for the Reward
Project.

 Within the pit designs, Measured Mineral Resources
above the cut-off grade were converted to Proven Mineral Reserves and Indicated Mineral Resources above the cut-off grade were converted
to Probable Mineral Reserves. All Inferred resources inside of the pit were assumed to be waste with respect to contained gold, recoverable
gold and resulting economics.

 Table 3. Reward Project Mineral Reserves Estimate
at December 31, 2024 Based on USD$1,850/oz. Au

 Reward Mineral Reserves

 k tons

 Au oz/t

 k oz Au

 Proven

 6,052

 0.027

 Probable

 8,999

 0.023

 Proven and Probable

 15,052

 0.025

 1.
 All estimates of Mineral Reserves
have been prepared in accordance with National Instrument 43 - 101 – Standards
of Disclosure for Mineral Projects (" NI 43-101 ") and Item 1300 of Regulation S-K of the United States Securities
Exchange Act of 1934, as amended (" S-K 1300 ")

 2.
 Thomas L. Dyer, PE, RESPEC
of Reno, Nevada, is a Qualified Person as defined in NI 43-101 and S-K 1300, is responsible
for reporting Proven and Probable Mineral Reserves for the Reward Project. Mr. Dyer is independent of the Company.

 3.
 Mineral Reserves are based
on prices of $1,850 per ounce Au. The reserves were defined based on pit designs that were created to follow optimized pit shells created
in Whittle.

 4.
 Reserves are reported using
a 0.008 Au oz/t cut-off grade

 5.
 The Mineral Reserves point
of reference is the point where is material is fed into the crusher.

 6.
 The effective date of the Mineral
Reserves estimate is December 31, 2024.

 7.
 Columns may not sum due to
rounding.

 Mineral Resources

 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 4.

 Table 4. Reward Conceptual
Open Pit Parameters.

 Parameter

 Unit
 (Imperial)

 Cost
 (Imperial)

 Unit
 (Metric)

 Cost
 (Metric)

 Gold Price

 US$/oz

 1,950

 US$/g

 62.7

 Gold Metallurgical Recovery

 %

 %

 Pit Wall Angles

 48-58

 48-58

 Mining Cost

 US$/st

 2.75

 US$/tonne

 3.03

 Processing Rate

 Mst/a

 Mtonne/a

 1.8

 Processing Cost

 US$/st

 $
 6.50

 US$/tonne

 $
 7.17

 G & A Cost

 US$/st

 1.50

 US$/tonne

 1.65

 Cut-off Grade (break even)

 oz/t

 0.005

 g/tonne

 0.181

 Royalty

 %

 %

 The Mineral Resource Estimate for the Reward Project is presented
in Table 5 below.

 Table 5 Reward Project
Mineral Resource Estimate Exclusive of Reserve December 31, 2024, Based on US$1,950/oz Au

 Reward Mineral Resource

Exclusive
 of Reserve

 k tons

 Au oz/t

 k oz Au

 0.009

 7.70

 3,787

 0.014

 53.90

 M&I Total

 4,617

 0.013

 61.60

 1,359

 0.020

 27.50

 Note: Columns
may not sum due to rounding.

 Property Holdings

 The Reward 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 Reward Project. In 2008, Canyon Resources assigned all of the patented and
unpatented claims comprising the Reward Project to an entity which was subsequently converted into CR Reward.

 The Reward Project encompasses 123 unpatented
Bureau of Land Management (BLM) placer and lode mining claims and six patented placer mining claims, totaling 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 $200 per claim due to the BLM and and $12 per claim plus
a $12 document charge 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, 2004 (as amended August 16, 2024), 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 Reward 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. 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. On August 16, 2024, the Connolly lease was extended
for a further 10 years.

 Webster Lease

 This lease agreement (the Webster lease), effective
as of November 9, 2004 (as amended on November 9, 2004 and November 8, 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 Reward 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. 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. On October 5, 2023, the Webster lease was extended for a further 15 years.

 Orser-McFall Lease

 This lease agreement (the Orser-McFall Lease),
effective as of February 5, 2005 (as amended on August 18, 2005, November 14, 2006 and October 23, 2024), 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 Reward 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. 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. On October 23, 2024 the Orser-McFall lease was extended for a further 20 years.

 Van Meeteren
et al Lease

 This lease agreement (the Van Meeteren Lease),
effect as of December 1, 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 Reward 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. 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 Reward Project area mainly consists of Federal
public domain lands administered by the BLM. There are no State or private tracts within the Reward Project area, except the six patented
claims owned by CR Reward, all of which carry surface and mineral rights ownership.

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

 CR Reward has the right to use 317.39 ac-ft of
water annually under Permit No. 76390 (286.7 ac-ft) and Permit No. 89658 (30.684 ac-ft). Additionally, CR Reward has an option to 100
ac-ft under Permit 14059 (Certificate 5156).

 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 Reward 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 center for travelers 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 Reward Project is currently serviced by an existing
14.4/24.9 kV power line owned and operated by Valley Electric. A water well is currently available to provide water for exploration activities.

 Reward 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 Reward Project site in Beatty and other smaller
communities

 The Reward 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 Reward 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 Reward 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 Reward 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 Reward 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 and 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.

 Drilling and Sampling

 A total of 376 drill holes, totaling 43,729.7
m (143,470 ft) have been completed at the Reward Project between 1987 and 2018. Of this total, 35 are core holes totaling 4,094.4 m (13,433
ft) and 341 are RC holes totaling 39,635.3 m (130,037 ft).

 For CR Reward's 2017–2018 drill program,
drill hole locations were established using hand-held global positioning system (GPS) instruments and upon completion of the program,
the collar locations were re-surveyed by a licensed surveyor. Down-hole surveys were completed at regular intervals, usually 7.6 m (25
ft), using an EZ-Shot system that records the magnetic heading, dip of the hole and magnetic field in the hole. A total of 398 measurements
were collected for the 28 holes drilled in 2017–2018. Core recovery during the core drilling was very good, exceeding 95% on average,
with losses mainly in highly shattered zones.

 There is limited documentation available detailing
the sample preparation, analyses and security of historical drill sampling programs conducted from 1987 to 2000 by Homestake, Gexa, Pathfinder,
Cloverleaf, USNGS and Barrick. RC drill holes completed in 2006–2007 were sampled on 1.5 m (5 ft) intervals, and cores on 0.9 m
(3 ft) intervals. The 2011–2013 RC holes were also sampled at 1.5 m (5 ft) intervals.

 Independent assay laboratories were used in the
2006-2007 Canyon Resources, the 2011-2013 Atna and 2017-2018 CR Reward programs, including ALS Chemex Laboratory in Sparks, Nevada (certified
to ISO 9001:2000 for selected techniques), Inspectorate America Corporation (Inspectorate) in Sparks, Nevada (certified to ISO 9001:2000
for selected techniques), Florin Analytical Services (FAS) in Reno, Nevada (not certified).

 The 2006–2007, 2011-2013 and the CR Reward
2017-2018 drilling programs included the submission of standard and blank materials as part of the Quality Assurance and Quality Control
(QA/QC) program. Assay control protocols during these modern periods of drilling included the insertion of certified standards, blanks
and duplicates at acceptable insertion rates for all of the data.

 The sample collection, security, transportation,
preparation, insertion of geochemical standards and blanks, and analytical procedures are within industry norms and best practices. The
procedures used by CR Reward personnel are considered adequate to ensure that the results disclosed are accurate within scientific limitations
and are not misleading. The procedures and assay control protocols employed by CR Reward in the 2017–2018 drill program are considered
reasonable and acceptable for use in Mineral Resource estimation.

 Data Verification

 CR Reward performed a comprehensive data verification
program in 2017 consisting of collar and down-hole survey checks, and evaluation of assay values versus laboratory certificates or geologic
logs where certificates were not available. Errors identified were corrected where applicable. For non-analytical drill hole information,
CR Reward employed a protocol of continuous data checking to ensure accurate data transcription, including collar and down hole surveys,
and geological and geotechnical information. The procedures employed are considered reasonable and are adequate with respect to ensuring
data integrity.

 Mr. Dufresne reviewed all aspects of the Reward
drill hole database and available non-analytical procedures for historical and the CR Reward 2017–2018 drilling programs including
the verification program by CR Reward. The drill hole database was validated using Micromine 2018 and was inspected visually in Excel
files and on drill section. Mr. Dufresne has reviewed the adequacy of the exploration information and the visual, physical and geological
characteristics of the Reward Project and has found no significant issues or inconsistencies that would cause one to question the validity
of the data. Mr. Dufresne, the QP, considers the CR Reward drill hole database, including the historical pre-2017 data and the 2017 to
2018 data, well validated and suitable for the preparation of the mineral resource estimate for the Reward Project.

 Metallurgical Testing

 Metallurgical testwork on the Project includes
historical work completed by Rayrock Mines Inc. during 1998 and McClelland in 2007 and 2008 with confirmatory testwork performed by KCA
in 2018. Metallurgical testwork completed to date includes 34 bottle roll tests and 21 column tests along together with preliminary agglomeration
and compacted permeability testing. Results from these tests show that the mineralization is amenable to cyanide leaching with reasonable
reagent consumptions.

 Metallurgical samples from historical and recent
KCA test programs appear to be spatially representative for the Good Hope Deposit. Results from KCA's 2018 test program confirmed
the results from the 2007–2008 McClelland campaign with an average laboratory gold recovery of 81% for the Good Hope Deposit. The
program also included bottle roll and duplicate column leach tests on the Gold Ace Zone. Results for Gold Ace show significantly lower
column recoveries compared to the Good Hope Deposit.

 Key design parameters from the metallurgical
testwork for the Good Hope Deposit include:

 Crush size P 80 of ", 100% passing ".

 Estimated field gold recovery of 79% including a 2% field deduction.

 Design leach cycle of 180 days.

 Average field sodium cyanide consumption of 0.73 lb/ton ore.

 Average field lime consumption of 1.53 lb/ton of material based on
 100% CaO purity.

 Cement addition at 6.1 lb/ton for agglomeration will be used in the
 first lift to ensure there are no percolation issues, this is conservative as testwork does not show cement agglomeration is required.

 No deleterious elements are known from the processing
perspective.

 Mining Methods

 The proposed mine plan assumes conventional open
pit mining methods and equipment. Mining operations are assumed to be completed using a contractor. Knight Pi sold is responsible
for the geotechnical evaluations and recommendations for slope design parameters used for pit designs. Pit designs include three pit phases to achieve the ultimate pit; the WRSFs are developed as a north, south, and southwest waste
dump storage locations as mining progresses.

 The proposed production schedule used inputs
from the resource block model together with material types, mining locations, WRSF fill locations, stockpiles, crusher target rates,
and mining rates. Mining activities have a total duration of 7.6 years, starting with a consistent ramp up during Phase 1 and then transitions
into Phase 2. During the transition into Phase 3 mining, the mining rate increases as the stripping demands increase.

 Recovery Methods

 Testwork results developed by KCA and others
have indicated that the Reward Mineral Reserve is amenable to heap leaching for the recovery of gold. Based on a Mineral Reserve of 15.1
Mt and established processing rate of 5,479 tpd of ore, the Project has an estimated mine life of approximately 7.6 years.

 Ore will be mined using standard open pit mining
methods and delivered to the crushing circuit using haul trucks which will dump into a run-of-mine (ROM) stockpile located near the primary
crusher. A front-end loader will feed material to a dump hopper from the ROM stockpile. The ROM ore will be crushed to a final product
size of 80% passing " (100% passing ") using a three-stage closed-circuit crushing plant. The crushing circuit
will operate 7 days/week, 24 hours/day with an overall estimated availability of 75%.

 The crushed product will be stockpiled using
a stacking conveyor and reclaimed by vibrating, electromechanical feeders. Cement or pebble lime will be added to the reclaim material
for agglomeration and pH control. Testwork has shown that agglomeration with cement is not required, but as a precautionary measure,
cement will be added during the first lift to ensure permeability is not compromised.

 Ore will be stacked on the leach pad by retreat
stacking uphill from the toe of the heap. Stacked ore will be leached using a drip irrigation system for solution application. After
percolating through the ore, the gold bearing pregnant leach solution drains by gravity to a pregnant solution tank where it will be
collected and pumped to a set of carbon-in-columns (CICs) where gold will be removed by activated carbon. Loaded carbon will be processed
off-site for the first year of operation until the full recovery plant is completed at the start of year 2 of operation.

 Barren leach solution leaving the carbon columns
will flow to a barren solution tank and will then be pumped to the heap for further leaching. High strength cyanide solution will be
injected into the barren solution to maintain the desired cyanide concentration in the leach solutions.

 An event pond is included to collect contact
solution from storm events. Solution collected will be returned to the process as soon as practical.

 Heap Leach Pad Design

 The Heap Leach Pad (HLP) is designed to store
16 Mt of ore, of which 7 Mt will be placed within the Phase 1 stacking area and an additional 9 Mt once the Phase 2 expansion is completed.

 The leach pad will be a single-use, multi-lift
type leach pad and has been designed with a lining system approved by the state of Nevada.

 The leach pad liner will be composed of the following
components from top to bottom:

 Overliner consisting of two feet of crushed and screened material over
 a network of solution collection piping;

 60 mil double sided, textured Linear Low-Density Polyethylene (LLDPE)
 geomembrane;

 1-foot Low Hydraulic Conductivity Soil Layer consisting of screened,
 native soil blended with clay with a minimum permeability of 1x10 -6 cm/sec;

 Leak detection system under the primary solution collection pipes which
 route solution to a monitoring sump tank;

 Prepared subgrade.

 Permitting

 The current Reward Project area includes approximately
716 acres of public and private lands within Nye County, and falls under the jurisdiction and permitting requirements of Nye County,
the State of Nevada, and the BLM. The Reward Project, as envisaged, will necessitate an initial round of minor modifications to the existing
permits and authorizations in order to address the proposed changes followed by a separate major modification for the proposed future
ADR Plant. The mining permits and authorizations that are likely to have a material effect on project timing include:

 Federal Mine Plan of Operations (N-82840): The proposed minor modifications
 will require amendment to the Mine Plan of Operations (MPO) which, in turn, will require additional National Environmental Policy
 Act (NEPA) analysis of the plan changes. It is likely that the BLM will use an EA as the NEPA disclosure document. It is also possible,
 however, that the proposed minor modifications could be analyzed by the BLM through a Determination of NEPA Adequacy (DNA) given
 that the proposed actions have previously been reviewed. The future ADR Plant will most certainly require the preparation of a supplemental
 EA, as this facility/activity was not previously analyzed. An EA and accompanying FONSI and ROD, would likely take three to six months
 to complete following submittal of the plan amendment, assuming that the agency tiers off of the previous disclosure documents and
 the ADR Plant is not included. A DNA would likely take three to four months to complete

 Reclamation Permit (#0300): The BMRR Reclamation Branch are likely
 to interpret the initial proposed changes as a minor modification to the existing permit pursuant to NAC 519A.043, as the new disturbance
 will equal 25% or less of the acreage in the approved

 reclamation plan. While the reclamation permit minor modification should
 only take six to nine months to complete, the BMRR will likely wait to process the application to coincide with the completion of
 the federal NEPA review.

 Water Pollution Control Permit (NEV2007101): Review and processing
 of WPCP minor modifications and/or engineering design changes is likely to take three to six months from submittal of a complete
 application. The future inclusion of an ADR Plant would likely be on a nine-to-12-month timeline following approval of the minor
 modifications and/or EDCs.

 Air Quality Operating Permit (AP1041-2492): Initial minor modifications
 of the Class II air quality permit will focus primarily on the crushing and conveyance system, and is likely to require six to nine
 months to complete. Future permitting for the inclusion of an ADR Plant will occur afterwards. The thermal unit(s) from an ADR will
 necessitate the issuance of a new Class I permit, in addition to modification of the existing Class II permit to cover the other
 aspects of the expansion plan. The ADR will also require the issuance of a mercury operating permit to construct (Mercury OPTC) permit
 by the state. The agency will issue the final Class I, modified Class II, and Mercury OPTC permit within 12 to 16 months of the completeness
 date. There is a risk that the regulatory deadlines above may be extended by the agencies due to workload or other circumstances.

 The initial Amended MPO, excluding the new ADR
Plan, would drive the permitting timeline for the minor modifications (i.e., air quality permit and WPCP). Future inclusion of an ADR
would necessitate reopening the MPO and a new Class I air quality permit and create an additional timeline of approximately 12-16 months.
However, given that the Reward Project has many of the permits in hand, strategic ground clearing and construction will be able to begin
under the existing authorizations. The remaining permits required for operations are relatively minor in comparison to the above list
and can be easily modified/amended concurrently with the initial principal permit modifications. Major modification of the permits to
include an ADR Plant would occur following approval of the initial minor modifications.

 No community agreements are currently in place.
However, CR Reward has engaged with the Town of Beatty and the County of Nye with respect to the Reward Project.

 Closure planning for the Project is required as part
of the state and federal permitting processes. A number of plan iterations are required, including tentative, temporary, seasonal, and
final plans. A mining facility operator/permittee must submit a Tentative Plan for Permanent Closure (TPPC) as part of any application
for a new WPCP or modification of an existing permit. The Reward Mine TPPC is currently in place and approved.

 Under the state-granted Reclamation Permit #0300,
total surface disturbance is currently limited to 339.7 acres, of which, nearly 95% is on public lands administered by the BLM. Equipment
and labor costs were conservatively estimated using state and BLM-approved costs for the 2021 year. The reclamation bond cost estimate
for the Reward Project (as currently permitted) is $10.9 M. Closure costs (which are not a regulatory bond cost estimate) were estimated
for inclusion in the Technical Report financial model. The closure cost associated with the Reward Project as envisaged in this Report
are estimated at $9.4 M.

 Capital Costs

 Capital costs for the process and general and
administration components were estimated by KCA. Costs for the mining components were provided by RESPEC and heap leach pad and pond
costs by NewFields. The estimated costs are considered to have an accuracy of +/-15%.

 The total Life of Mine (LOM) capital cost for
the Reward Project is US$129.2 million, including US$7.4 million in working capital and initial fills not including reclamation and closure
costs which have been estimated at US$9.4 million. Table 6 presents the capital requirements. A total contingency of US$6.9 million or
12.8% of the Total Direct Costs is included in this summary.

 Table 6 Capital Cost Summary

 Description

 Cost (US$M)

 Pre-Production Process Capital

 $
 78.9

 Mining Capital

 $
 10.8

 Subtotal Capital

 $
 89.7

 Working Capital & Initial Fills 1

 $
 7.4

 Sustaining Capital – Mine & Process

 $
 32.1

 Working capital credited in Years 7 and 8

 Numbers are rounded and may not sum perfectly

 Costs reflect standalone costs of the Reward project
 with 100% of capital expensed to Reward, and does not include any potential benefit from development of the Bullfrog project.

 Operating Costs

 Table 7 presents the LOM operating cost requirements.

 Mining costs were provided by RESPEC at US$3.33
per ton mined (LOM US$10.92 per ton of ore) and are based on quotes for contract mining with estimated owner's mining costs.

 Process operating costs have been estimated by
KCA from first principles. Labor costs were estimated using project specific staffing, salary and wage and benefit requirements. Unit
consumptions of materials, supplies, power, water and delivered supply costs were also estimated.

 Table 7 Operating Cost Summary

 Description

 LOM Cost
 (US$/ton ore)

 Mine

 $
 10.92

 Process & Support Services

 $
 8.09

 Site G & A

 $
 2.88

 Total 1

 $
 21.88

 Numbers are rounded and may not sum perfectly

 General administrative costs (G&A) have been
estimated by KCA with input from Augusta. G&A costs include project specific labor and salary requirements and operating expenses,
including social contributions, land access and water rights.

 The operating costs presented are based upon
the ownership of all process production equipment and site facilities, including the onsite laboratory. The owner will employ and direct
all process operations, maintenance and support personnel for site activities.

 Economic Analysis

 Based on the estimated production parameters,
capital costs, and operating costs, a cash flow model was prepared by KCA for the economic analysis. The project economics were evaluated
using a discounted cash flow (DCF) method, which measures the Net Present Value (NPV) of future cash flow streams. All of the information
used in this evaluation have been taken from work completed by KCA and other consultants working on the project as described in the Technical
Report.

 The economic model is based on the following
assumptions:

 The cash flow model is based on the mine production schedule
 from RESPEC.

 The period of analysis is 12 years including one year of
 investment and pre-production, 8 years of ore stacking and production and three years of reclamation and closure.

 Gold price of US$1,975/oz.

 Processing rate of 5,479 tpd.

 Gold recoveries as discussed in Section 13.

 Capital and operating costs as developed in Section 21.

 The project economics based on these criteria
from the cash flow model are summarized in Table 8.

 Table 8 Economic Analysis Summary

 Economic Analysis

 Internal Rate of Return (IRR), Pre-Tax

 19.5%

 Internal Rate of Return (IRR), After-Tax

 16.6%

 Average Annual Cashflow (Pre-Tax)

 $18.6 M

 NPV @ 5% (Pre-Tax)

 $63.4 M

 Average Annual Cashflow (After-Tax)

 $17.1 M

 NPV @ 5% (After-Tax)

 $50.6 M

 Pay-Back Period (Years based on After-Tax)

 5.1 Years

 Capital Costs

 Initial Capital

 $89.7 M

 Working Capital & Initial Fills

 $7.4 M

 LOM Sustaining Capital

 $32.1 M

 Reclamation & Closure 2

 $9.5 M

 Operating Costs (Average LOM)

 Mining

 $10.92 per ton

 Processing & Support

 $8.09 per ton

 G&A

 $2.88 per ton

 Total Operating Cost

 $21.88 per ton

 All-in Sustaining Cost 1

 $1,328 per oz

 Production Data

 Life of Mine

 7.6 Years

 Total Tons to Crusher

 15.05 M Tons

 Grade Au (Avg.)

 0.025 oz/t

 Contained Au oz

 369,692 Ounces

 Average Annual Gold Production

 38,675 Ounces

 Total Gold Produced

 292,057 Ounces

 The "All in Sustaining Costs" include reclamation and
 closure

 Includes mercury disposal fee of US$75,000

 A sensitivity analysis was performed on the project economics. The
results are presented in Table 9.

 Table 1-7 Post-Tax Economic Results

 NPV at Specified Discount Rate

 Variation

 IRR

 0%

 5%

 10%

 Gold Price, $/oz

 $
 1,725

 5.0
 %

 $
 26.1
 M

 $
 0.0
 M

 $
 -17.0
 M

 $
 1,800

 8.6
 %

 $
 45.6
 M

 $
 15.2
 M

 $
 -4.9
 M

 $
 1,975

 16.6
 %

 $
 90.9
 M

 $
 50.6
 M

 $
 23.5
 M

 $
 2,200

 25.7
 %

 $
 142.1
 M

 $
 91.0
 M

 $
 56.0
 M

 $
 2,400

 33.4
 %

 $
 187.9
 M

 $
 126.9
 M

 $
 84.7
 M

 $
 2,600

 41.1
 %

 $
 234.8
 M

 $
 163.5
 M

 $
 114.0
 M

 Capital Costs

 $
 92.2
 M

 27.9
 %

 $
 121.3
 M

 $
 78.9
 M

 $
 49.8
 M

 $
 110.5
 M

 20.5
 %

 $
 103.1
 M

 $
 61.9
 M

 $
 34.0
 M

 $
 122.7
 M

 16.6
 %

 $
 90.9
 M

 $
 50.6
 M

 $
 23.5
 M

 $
 134.8
 M

 13.4
 %

 $
 78.7
 M

 $
 39.3
 M

 $
 12.9
 M

 $
 153.1
 M

 9.3
 %

 $
 60.5
 M

 $
 22.4
 M

 $
 -2.9
 M

 Operating Costs

 $
 247.0
 M

 30.4
 %

 $
 173.3
 M

 $
 115.1
 M

 $
 75.0
 M

 $
 296.4
 M

 22.3
 %

 $
 123.8
 M

 $
 76.4
 M

 $
 44.1
 M

 $
 329.4
 M

 16.6
 %

 $
 90.9
 M

 $
 50.6
 M

 $
 23.5
 M

 $
 362.3
 M

 10.8
 %

 $
 58.0
 M

 $
 24.8
 M

 $
 2.8
 M

 $
 411.7
 M

 1.7
 %

 $
 8.6
 M

 $
 -13.8
 M

 $
 -28.1
 M

 This value is actually $1,725.423, this was presented to define
 the estimated "break even" gold value at a 5% discount rate.

 QA/QC of Underlying Data

 From 2015 to early 2017, CR Reward LLC completed
a compilation, audit and update of the drill hole database. Drill hole locations, survey data and readily accessible assay certificates
were uploaded into the commercially-available DataShed software package. Assays that did not have assay certificates were retained in
an Excel spreadsheet and combined with the DataShed assays for the assay verification. Lithology, alteration, structure, and quartz vein
data from selected holes were digitized from geologic paper logs in January 2017. These data were also brought into DataShed. The drill
hole database consisting of 348 historical holes was audited, compiled, and verified by CR Reward LLC in 2016 and 2017 based on provided
electronic files, for all historical drilling, and assay certificates. CR Reward LLC completed additional drilling in 2017 and 2018 consisting
of 3,443 meters in 28 core holes.

 The historical gold values at the Project were
validated by comparing the historical analytical certificates (and logs) to the digital assay database. All available downhole surveys
were digitized and utilized to properly plot analytical data down-hole. Drill hole collar data was verified versus geological logs or
survey files with collar elevations checked against a modern lidar survey. Drillholes with questionable data were omitted from the database
and were not used to generate the underlying mineral resource estimate. All of the 2017 and 2018 drill hole data provided by CR Reward
LLC was verified by the appropriate QPs. The results of the validation program indicate that the sample database is of sufficient accuracy
and precision to be used for the generation of the feasibility study results.

 2025 Reward Project Plans

 Subject to funding, the Company's focus
in 2025 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.

 Note Regarding Non-GAAP Financial Measures
(Reward Project)

 In this report, the Company has provided information
prepared or calculated according to U.S. GAAP, as well as provided certain non-U.S. GAAP prospective financial performance measures.
Because the non-U.S. GAAP performance measures do not have standardized meanings prescribed by U.S. GAAP, they may not be comparable
to similar measures presented by other companies. These measures should not be considered in isolation or as substitutes for measures
of performance prepared in accordance with U.S. GAAP. There are limitations associated with the use of such non-U.S. GAAP measures. Since
these measures do not incorporate revenues, changes in working capital and non-operating cash costs, they are not necessarily indicative
of potential operating profit or loss, or cash flow from operations as determined in accordance with U.S. GAAP.

 The non-U.S. GAAP measures associated with All-In
sustaining costs ("AISC"), Cash Operating Costs and Cash Costs, as defined below, and the resulting AISC per ounce metric
are not, and are not intended to be, presentations in accordance with U.S. GAAP. These metrics represent costs and unit-cost measured
related to the Reward Project.

 The Company believes that these metrics help
investors understand the economics of the Reward Project. The Company presents the non-U.S. GAAP financial measures for our Reward Project
in the tables below. Actual U.S. GAAP results may vary from the amounts disclosed in this news release. Other companies may calculate
these measures differently.

 AISC and Respective Unit Cost Measure

 AISC consists of Cash Costs (as described below),
plus sustaining capital costs. The sum of these costs is divided by the corresponding payable gold ounces to determine the per ounce
metric stated in this press release above.

 Cash Costs consist of Cash Operating Costs
(as described below), plus royalties.

 Cash Costs and AISC are non-U.S. GAAP metrics
developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a comparable standard.
The Company reports Cash Costs and AISC on a per ounce basis because we believe this metric more completely reflects mining costs over
the life of mine. Similar metrics are widely used in the gold mining industry as comparative benchmarks of performance.

 Cash Operating Costs
is a non-U.S. GAAP metric used by the Company to measure aggregate costs of operations that will generally be within the Company's
direct control. We believe this metric reflects the operating performance potential for the Reward Project for the mining, processing,
administration, and sales functions. Contractual obligations for surface land rights (project royalties) are excluded from this metric.
Cash Operating Costs consist of Reward Project operating costs and refining costs, and exclude royalties.

 Other costs excluded
from Cash Operating Costs, Cash Costs, and AISC include depreciation and amortization, income taxes, government royalties, financing
charges, costs related to business combinations, asset acquisitions other than sustaining capital, and asset dispositions.

 The following tables
demonstrate the calculation of Cash Operating Costs, Cash Costs, AISC, and related AISC unit-cost metric as presented in this report:

 Units

 Life of Mine

 Payable Gold

 koz

 291.21

 Total Operating Costs

 $

 329.39

 Refining & Transportation Charge

 $

 0.62

 Total Operating Costs & Refining & Transportation Charge

 $

 330.01

 Royalty Payable

 $

 15.21

 Total Operating Costs, Refining & Royalties

 $

 345.22

 Cash Cost per ounce

 US$/oz

 $

 1,185

 Sustaining Capital and Reclamation & Closure

 $

 41.57

 All-In-Sustaining Costs

 $

 386.79

 AISC per ounce

 US$/oz

 $

 1,328

 Units

 Life of Mine

 Payable Gold

 koz

 291.21

 Mining Costs

 $
 164.33

 Processing Costs

 $
 121.77

 Site General and Administrative Costs

 $
 43.29

 Total Operating Costs

 $
 329.39

 Refining & Transportation Charge

 $
 0.62

 Total Operating Costs & Refining & Transportation Charge

 $
 330.01

 Royalty Payable

 $
 15.21

 Total Operating Costs, Refining & Royalties

 $
 345.22

 1. Cash Cost = Total Operating Costs & Refining & Transportation
Charge + Royalty Payable

 ITEM 3. LEGAL PROCEEDINGS

 We know of no material, active or pending legal
proceedings against the Company, nor are we involved as a plaintiff in any material proceeding or pending litigation, nor is our property
the subject of any material legal proceedings. There are no proceedings in which any of our directors, officers or affiliates, or any
registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 ITEM 4. MINE SAFETY DISCLOSURES

 Pursuant to Section 1503(a) of the Dodd-Frank
Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required
to disclose specified information about mine health and safety in their periodic reports. These reporting requirements are based on the
safety and health requirements applicable to mines under the Federal Mine Safety and Health Act of 1977 (the "Mine Act")
which is administered by the U.S. Department of Labor's Mine Safety and Health Administration ("MSHA"). During the
fiscal year ended December 31, 2021, none of the Company's or its subsidiaries' properties or projects was subject to regulation
by MSHA under the Mine Act and thus no disclosure is required under Section 1503(a) of the Dodd-Frank Act.

 ITEM 5. MARKET FOR REGISTRANT'S
COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 Market Information

 The Company's common stock is quoted for
trading on the OTCQB under the symbol "AUGG" and in traded on the Toronto Stock Exchange (or TSX) under the symbol "G".
Over-the-counter market quotations on the OTCQB reflect inter-dealer prices, without retail mark-up, mark-down or commission and may
not necessarily represent actual transactions.

 As at March 17, 2025, there were 85,929,753 Common
Shares issued and outstanding, and the Company had approximately 85 shareholders of record. On March 17, 2025, the closing price of the
shares of common stock as reported by the Toronto Stock Exchange was C$1.01 and as quoted on OTCQB was $0.75.

 Dividend Policy

 The Company has not paid any cash dividends on
our common stock and do not anticipate paying any cash dividends in the foreseeable future.

 Unregistered Sales of Equity Securities

 All unregistered sales of equity securities by
the Company were previously reported on Form 8-K.

 Recent Repurchases of Securities

 None.

 Securities Authorized for Issuance under Equity
Compensation Plans

 On September 30, 2011, the Company's Board
of Directors adopted the 2011 Equity Incentive Plan. The 2011 Equity Incentive Plan reserves 750,000 shares of common stock for grant
to directors, officers, consultants, advisors or employees of the Company. There was a total of 750,000 options granted from the 2011
Plan in March 2015 (the "March 2015 Options"), with no outstanding options as of December 31, 2022.

 On December 1, 2017, our Board of Directors adopted
the 2017 Equity Incentive Plan. The 2017 Equity Incentive Plan reserves 2,300,000 shares of common stock for grant to directors, officers,
consultants, advisors or employees of the Company. There was a total of 675,000 options granted from the 2017 Plan in December 2017 (the
"December 2017 Options"), with 225,002 outstanding as of December 31, 2022.

 On February 22, 2021, the Company's Board
of Directors approved a new stock option plan (the "Plan"). The aggregate number of shares of common stock of the Company
(a "Share") that may be reserved for issuance pursuant to the Plan shall not exceed 10% of the number of Shares issued and
outstanding from time to time. The Company granted 5,825,000 options to officers, directors and employees of the Company in February
2021, 500,000 on August 30, 2021, 350,000 options on June 9, 2022, 100,000 options on August 8, 2022, 2,800,000 options on April 16,
2024 and 200,000 options on August 13, 2024, with 7,170,002 outstanding as of December 31, 2024.

 The following table sets forth equity compensation
plan information as of December 31, 2024.

 Plan Category

 Securities
 to be

 upon
 Exercise of
 Outstanding
 (column a)

 Weighted-
 Average
 Exercise

 Price of
 Outstanding
 (column b)

 Securities
 Remaining

 Available for
 Issuance
 under
 Equity
 Plans
 (excluding
 securities
 reflected in
 column
 (a))

 Equity compensation plans not approved by security holders

 225,002

 $
 0.87

 Equity compensation plans approved by security holders

 6,945,000

 $
 1.13

 4,507,502

 Total

 7,170,002

 $
 1.12

 4,507,502

 Note: C$ converted to US$ based on an exchange rate of C$1.00/US$0.70.

 ITEM 6. [RESERVED]

 ITEM 7. MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The following discussion and analysis should
be read in conjunction with our consolidated financial statements for the two years ended December 31, 2024, and 2023, and the related
notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States ("U.S.
GAAP"). This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our
actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including,
but not limited to, those set forth under the section heading "Item 1A. Risk Factors" above and elsewhere in this Annual
Report on Form 10-K. See section heading "Cautionary Note Regarding Forward-Looking Statements" above.

 Results of Operations

 Twelve Months Ended December 31, 2024 Compared to December 31,
2023

 Operating expenses

 General and administrative

 $
 2,131,043

 $
 4,143,352

 Lease expense

 Exploration, evaluation and project expense

 1,870,814

 2,686,656

 Accretion expense

 Total operating expenses

 4,307,602

 7,006,613

 Net operating loss

 (4,307,602
)

 (7,006,613
)

 Revaluation of warrant liability

 746,651

 16,267,187

 (3,024,636
)

 (2,550,557
)

 Foreign currency exchange loss

 (2,037
)

 (52,007
)

 Net income (loss) and comprehensive income (loss)

 $
 (6,587,624
)

 $

 For the twelve months ending December 31, 2024,
the Company decreased general and administrative expenses by approximately $2,012,000. The change was due to the following year over
year variances:

 Twelve months ending

 Variance

 Accounting fees

 $
 245,000

 $
 593,000

 $
 (348,000
)

 Legal and other professional fees

 320,000

 1,101,000

 (781,000
)

 Marketing expense

 10,000

 28,000

 (18,000
)

 Payroll

 451,000

 642,000

 (191,000
)

 Corporate expenses & rent

 188,000

 210,000

 (22,000
)

 Share based compensation

 750,000

 1,266,000

 (516,000
)

 Insurance

 111,000

 139,000

 (28,000
)

 Stock exchange fees

 67,000

 88,000

 (21,000
)

 Other general expenses

 (11,000
)

 76,000

 (87,000
)

 Total

 $
 2,131,000

 $
 4,143,000

 $
 (2,012,000
)

 Accounting and legal fees decrease resulted from higher costs for review
 procedures along with additional consulting fees needed for required regulatory filings and tax compliance in 2023. Management believes
 the decreased costs will continue in future fiscal periods.

 Marketing expenses were lower as 2023 had additional amounts that were
 used for company and shareholder awareness projects.

 The majority of payroll and corporate expenses was from the Company's
 agreement to share office space, equipment, personnel, consultants and various administrative services for the Company's head
 office located in Vancouver, BC Canada. In addition, 2023 is the first year the Company had full time employees located
 at the project's site. Employees that resigned in 2024 have not been replaced. Management expects payroll
 costs to fluctuate based on the personnel and consultants used during the period.

 The Company granted options to officers, directors and employees of
 the Company pursuant to the terms of the Company's Stock Option Plan. In September 2022 the options were repriced resulting
 in an increase in share-based compensation for 2023.

 For the twelve months ending December 31, 2024,
the Company decreased exploration and evaluations expenses by approximately $816,000. The change was due to the following year over year
variances:

 Twelve months ending

 Variance

 Drilling

 $

 $

 $

 Consultants/Contractors

 583,000

 952,000

 (369,000
)

 Supplies and equipment

 285,000

 301,000

 (16,000
)

 Overhead and payroll

 722,000

 1,179,000

 (457,000
)

 Permits and fees

 251,000

 221,000

 Other

 34,000

 (4,000
)

 Total

 $
 1,871,000

 $
 2,687,000

 $
 (816,000
)

 For the twelve months ended December 31, 2024, the
Company continued with development and compliance activities for the Reward and Bullfrog Projects. During the year, environmental baseline
studies, compliance reporting, and preparation of a feasibility level technical report for the CR Reward project were advanced.
Additionally, the authorized extension and realignment of the desert tortoise fence needed for pit development and operations was completed.

 The revaluation of the warrant liability is based on the 3,362,573
warrants issued in January 2023 with an exercise price of C$2.30

 Liquidity and Capital Resources

 The Company has no revenue generating operations
from which it can internally generate funds. To date, the Company's ongoing operations have been financed by the sale of its equity
securities by way of public offerings, private placements and the exercise of incentive stock options and share purchase warrants. The
Company believes that it will be able to secure additional private placements and public financing in the future, although it cannot
predict the size or pricing of any such financing.

 On January 20, 2023, the Company closed its offering
(the "Offering") of 6,725,147 units ("Units") of the Company at a price of C$1.71 per Unit, including the units
issued pursuant to the full exercise of the over-allotment option by the underwriters in the Offering (the "Underwriters"),
for aggregate gross proceeds of approximately C$11,500,000 before deducting Offering expenses.

 In connection with the closing of the Offering,
the Company entered into a Warrant Indenture dated January 20, 2023 (the "Warrant Indenture") with Endeavor Trust Corporation,
as the warrant agent, pursuant to which the Company issued Warrants to purchase up to a maximum of 3,362,573 Warrant Shares. Each Warrant
is exercisable at any time after January 20, 2023, and prior to January 20, 2026.

 As compensation in connection to the Offering,
the Company paid the Underwriters cash compensation equal to 5.0% of the aggregate gross proceeds of the Offering and issued to the Underwriters
336,257 common stock purchase warrants (the "Compensation Warrants"). Each Compensation Warrant was exercisable for one share
of common stock (each, a "Compensation Warrant Share") for a period of 12 months following the closing of the Offering at
a price of C$1.71 per Compensation Warrant Share.

 Liquidity

 As of December 31, 2024, the Company had total
liquidity of $315,000 in cash and cash equivalents. The Company had negative working capital of $34,000,000 and an accumulated deficit
of $40,000,000. For the twelve months ended December 31, 2024, the Company had negative operating cash flows before changes in working
capital of $6,300,000 and a net loss of $6,600,000.

 As of December 31, 2023, the Company had total
liquidity of $301,000 in cash and cash equivalents. The Company had negative working capital of $27,245,000 and an accumulated deficit
of $33,236,000. For the twelve months ended December 31, 2023, the Company had negative operating cash flows before changes in working
capital of $8,188,000 and a net income of $6,658,000.

 The Company expects that it will operate at a
loss for the foreseeable future and believes the current cash and cash equivalents and working capital will be sufficient for it to maintain
its currently held properties, fund its planned exploration, and fund its currently anticipated general and administrative costs for
at least the next 12 months from the date of this report. However, the Company does expect that it will be required to raise additional
funds through public or private equity financings in the future in order to continue in business in the future past the immediate 12-month
period. Should such financing not be available in that time-frame, the Company will be required to reduce its activities and will not
be able to carry out all of its presently planned exploration and, if warranted, development activities on its currently anticipated
scheduling.

 Capital Management

 The Company's objectives when managing
capital are to safeguard the Company's ability to continue as a going concern in order to pursue the development and exploration
of its mineral properties and to maintain a flexible capital structure, which optimizes the costs of capital to an acceptable risk.

 As of December 31, 2024, the capital structure
of the Company consists of 85,929,753 shares of common stock, par value $0.0001. The Company manages the capital structure and adjusts
it in response to changes in economic conditions, its expected funding requirements, and risk characteristics of the underlying assets.
The Company's funding requirements are based on cash forecasts. In order to maintain or adjust the capital structure, the Company
may issue new debt, new shares and/or consider strategic alliances. Management reviews its capital management approach on a regular basis.
The Company is not subject to any externally imposed capital requirements.

 Contractual obligations and commitments

 The Company's contractual obligations and
commitments as of December 31, 2024, and their approximate timing of payment are as follows:

 <1 year

 1 - 3 years

 4 - 5 years

 >5 years

 Total

 Leases

 $
 88,000

 $
 205,000

 $

 $
 600,000

 $
 943,000

 Royalty

 $
 60,400

 $
 197,200

 $
 147,300

 $
 791,500

 $
 1,196,400

 Off Balance Sheet Arrangements

 We do not engage in any activities involving
variable interest entities or off-balance sheet arrangements.

 Critical Accounting Policies and Use of Estimates

 Stock based compensation is measured at grant
date, based on the fair value of the award, and is recognized as an expense over the employee's requisite service period. We estimate
the fair value of each stock option as of the date of grant using the Black-Scholes pricing model. The Company determines the expected
life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules and post-vesting
forfeitures. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent
remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock
and does not anticipate paying any cash dividends in the foreseeable future.

 Mineral property exploration costs are expensed
as incurred until such time as economic reserves are quantified. To date, the Company has not established any proven or probable reserves
on its mineral properties. Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred.
The Company has chosen to expense all mineral exploration costs as incurred given that it is still in the exploration stage. Once the
Company has identified proven and probable reserves in its investigation of its properties and upon development of a plan for operating
a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the
production stage, the related capitalized costs will be amortized over the estimated life of the probable-proven reserves. When the Company
has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value.
To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are
being expensed. Costs of property acquisitions are being capitalized, and a required payment of $20,000 was made in 2018 to Mojave Gold
Mining Corporation ("Mojave") as part of the Option to Purchase Agreement ("Option").

 ITEM 7A. QUANTITIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Not applicable.

 ITEM 8. FINANCIAL STATEMENTS

 Our financial statements appear beginning at
page F-1.

 ITEM 9. CHANGES IN AND
DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM 9A. CONTROLS AND
PROCEDURES

 Disclosure Controls and Procedures

 We conducted an evaluation of the effectiveness
of our "disclosure controls and procedures" ("Disclosure Controls"), as defined by Rules 13a-15(e) and 15d-15(e)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of December 31, 2024, the end of the period covered
by this Annual Report on Form 10-K. The Disclosure Controls evaluation was done under the supervision and with the participation of management,
including our Chief Executive Officer and Chief Financial Officer.

 Disclosure controls and procedures refer to controls
and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange
Act is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and (ii)
that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer,
or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating
our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated,
can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in
evaluating and implementing possible controls and procedures.

 Our management does not expect that our disclosure
controls and procedures will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide
only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design of a control system
must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because
of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making
can be faulty, and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based in part
upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions.

 With respect to the fiscal year ending December
31, 2024, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that our Disclosure Controls
were effective as of December 31, 2024.

 Management's Report on Internal Control
Over Financial Reporting

 Our management is responsible for establishing
and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
Our management is also required to assess and report on the effectiveness of our internal control over financial reporting in accordance
with Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404"). Our internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with accounting principles generally accepted in the United States. Management assessed the effectiveness
of our internal control over financial reporting as of December 31, 2024. In making this assessment, we used the criteria set forth by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework 2013 and determined
that our internal controls over financial reporting are effective.

 Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies and procedures may deteriorate.

 Attestation Report of the Registered Public
Accounting Firm

 This annual report does not include an attestation
report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's
report was not subject to attestation by our registered public accounting firm pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act, which permanently exempts non-accelerated filers from complying with Section 404(b) of the Sarbanes-Oxley Act of 2002.

 Changes in Internal Control Over Financial
Reporting

 There have not been any changes in our internal
control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter
ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.

 ITEM 9B. OTHER INFORMATION

 None.

 ITEM 9C. DISCLOSURE REGARDING
FOREIGN JURISDICTIONS THAT PREVENT INSPECTION

 Not Applicable.

 ITEM 10. DIRECTORS, EXECUTIVE
OFFICERS AND CORPORATE GOVERNANCE

 Directors, Executive Officers

 The following persons are our executive officers
and directors and hold the positions set forth opposite their respective names.

 Name

 Age

 Position

 Richard Warke

 Executive Chairman

 John Boehner

 Daniel Earle

 Lenard Boggio

 Donald R. Taylor

 President, Chief Executive Officer, Director

 Interim Chief Financial Officer

 Purni Parikh

 Senior Vice President, Corporate Affairs and Corporate Secretary

 Johnny Pappas

 Vice President, Environmental & Permitting

 Tom Ladner

 General Counsel

 Richard Warke (appointed January 7, 2021)

 Executive Chairman

 Richard Warke is an international business executive
with more than 35 years of experience in the international resource sector. In 2005, Mr. Warke founded the Augusta Group of Companies
which has an unrivaled track record of value creation in the mining sector.

 From 2006 and until 2018 Augusta founded, managed,
and funded three world class mineral discoveries. Ventana Gold discovered the La Bodega gold deposit in Colombia, now reported to host
over 10Moz of gold, Augusta sold the company for $1.3B in 2011. Augusta Resource advanced the Rosemont copper project in Arizona through
drilling, feasibility and permitting to become one of the largest copper deposits in United States, it was sold for $667M in 2014. Arizona
Mining discovered the Taylor deposit and grew the Hermosa-Taylor deposit into one of the top five primary zinc deposits globally, largest
in United States, prior to its sale for $2.1B in 2018.

 Currently, Augusta Group is comprised of private
businesses and public companies that currently includes Titan Mining Corporation, Augusta Gold Corp. and Highlander Silver Corp. Titan
Mining operates a zinc mine in New York State, Augusta Gold is exploring for a gold mine in a prolific mining district in Nevada, and
Highlander Silver which is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza
grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru..

 In addition, in 2017 Mr. Warke co-founded Equinox
Gold which has now become a mid-tier gold producer and one of the fastest growing gold companies in the Americas growing to over a $3.5B
market cap with mines in Canada, US, Mexico and Brazil.

 During the course of his career, Mr. Warke has
established a reputation for building successful companies by generating pioneering transactions in the mining sector through prudent
investing in earlier stages of the mine cycle. His specialization is surfacing value through award-winning exploration efforts and rapidly
advancing projects with consistent access to low-cost capital through exploration, feasibility, and permitting to point of sale or into
production. His expertise, combined with his extensive relationships across the global mining sector, have resulted in rapid growth and
a proven track record of success making him a widely-recognized strategic partner and a sought after industry expert for commentary on
business, mining and related topics.

 John Boehner (appointed January 7, 2021)

 John Boehner served as the 53rd Speaker of the
United States House of Representatives from 2011 to 2015. A member of the Republican Party, Mr. Boehner was the U.S. Representative from
Ohio's 8th congressional district, serving from 1991 to 2015. He previously served as the House Minority Leader from 2007 until
2011, and House Majority Leader from 2006 until 2007. Following his career in government service, Mr. Boehner joined Squire Patton Boggs,
a global law and public policy firm. He earned a Bachelor of Arts in business administration from Xavier University.

 Daniel Earle (appointed October 26, 2020)

 Daniel Earle has over 20 years of experience
in the mining sector and capital markets. Mr. Earle is current the President and CEO of Highlander Silver Corp. Prior to joining Highlander
Silver Corp. in 2025, he served as the President and CEO of Solaris Resources where he led an award-winning team credited with revitalizing
a dormant copper discovery in Ecuador and launching it into a secular bull market for copper. Solaris delivered rapid socioeconomic development
and returns for its shareholders by advancing its flagship project to the development stage and growing it to ten-times its original
size. Prior to joining Solaris in 2019, Mr. Earle was a Vice President and Director at TD Securities, covering the mining sector for
more than 12 years. Mr. Earle is a graduate and scholar of the Lassonde Mineral Engineering Program at the University of Toronto.

 Lenard Boggio (appointed January 20, 2021)

 Len Boggio was formerly a partner of PricewaterhouseCoopers
LLP (PwC) where he served for more than 30 years until his retirement in May 2012. During that time, he was Leader of the B.C. Mining
Group of PwC, a senior member of PwC's Global Mining Industry Practice and an auditor of Canadian, U.S. U.K. and other internationally-listed
mineral resource and energy clients. Mr. Boggio is a Fellow of the Chartered Professional Accountants of Canada (FCPA, FCA) and has served
as president of the British Columbia Institute of Chartered Accountants and chairman of the Canadian Institute of Chartered Accountants.

 Donald R. Taylor, P.G. (appointed CEO April
13, 2021)

 President, CEO and Director

 Donald R. Taylor has 30 years of mineral exploration
experience with precious and base metals on five continents, taking projects from exploration to mine development. He is the recipient
of the Prospectors and Developers Association of Canada's 2018 Thayer Lindsley Award for the 2014 discovery of the Taylor lead-zinc-silver
deposit in Arizona. Mr. Taylor has worked extensively for large and small cap companies, including Arizona Mining, BHP Minerals, Bear
Creek Mining, American Copper and Nickel, Doe Run Resources and Westmont Mining Company. He is a Licensed Professional Geologist in several
eastern and western states and a qualified person as defined by National Instrument 43-101. Mr. Taylor has a Bachelor of Science degree
in Geology from Southeast Missouri State University and a Master of Science degree from the University of Missouri at Rolla.

 Ty Minnick, CPA

 Interim CFO

 Ty Minnick has been working with Augusta Gold
Corp. as a consultant, (formerly, Bullfrog Gold Corp.), and was its Chief Financial Officer from 2011 until October 2020. Mr. Minnick
also serves as the Chief Financial Officer of Athena Gold Corp since May 2021 and has 13 years of experience in the mining industry.
Since December 2018, Mr. Minnick has acted as a Certified Public Accountant (1993) with Grand Mesa CPAs, LLC.

 Purni Parikh

 Senior Vice President, Corporate Affairs and
Corporate Secretary

 Purni Parikh has over 25 years of public company
experience in the mining sector including corporate affairs and finance, legal and regulatory administration, and governance. Ms. Parikh
joined Augusta Gold in October, 2020. She is President of the Augusta Group of Companies, and Senior Vice President, Corporate Affairs
of Highlander Silver Corp. and Titan Mining Corporation. Ms. Parikh was previously Senior Vice President, Corporate Affairs and Corporate
Secretary of Solaris Resources Inc., Arizona Mining Inc. and Newcastle Gold Ltd., and Vice President, Corporate Secretary Augusta Resource
Corporation and Ventana Gold Corp. prior to their acquisition. Ms. Parikh obtained a Certificate in Business from the University of Toronto
and a Gemology degree. She holds the ICD.D designation from the Institute of Corporate Directors, and has worked extensively with boards.

 Johnny Pappas

 Vice President, Environmental & Permitting

 Johnny Pappas has a distinguished career in the
field of environmental management and permitting. Mr. Pappas recently, from January 2016 to August 2018, held the position of Vice-President,
Environmental and Permitting for Arizona Mining where he directed the permitting of the Hermosa Taylor Deposit Project, Director of Environmental
Affairs for Romarco Minerals Inc., from September 2009 to December 2015, where he was instrumental in directing the federal and state
permitting of the Haile Gold Mine; the first gold mine permitted east of the Mississippi in the last 20 years. He was previously, from
May 2008 to August 2009, the Environmental Manager of the Climax Mine. In addition, he has held several Senior Environmental Engineer
positions with PacifiCorp, Plateau Mining and Santa Fe Pacific Gold. Mr. Pappas holds a B.Sc. degree in Geology and Business Administration.
Mr. Pappas is recognized as a leader in his field and has won numerous awards including: the 2003 "Best of the Best" Award
- awarded by the Department of Interior's Office of Surface Mining in recognition for extraordinary personal commitment and outstanding
contribution for the reclamation success at the Castle Gate Mine and the 2003 "Excellence in Surface Coal Mining Reclamation"
Award.

 Tom Ladner

 General Counsel

 Tom Ladner is General Counsel for the Augusta
Gold Corp. and the Augusta Group of Companies, including Highlander Silver Corp. and Titan Mining Corporation. Mr. Ladner was most recently
Vice President Legal at Solaris Resources Inc., where he held that role since 2020. Prior to joining the Augusta Group, Mr. Ladner practiced
law in the Securities and Capital Markets group of a major Canadian law firm. Mr. Ladner has advised on multiple M&A transactions
valued in excess of C$1B and more than 30 public market financing transactions with an aggregate value of more than C$1B. In 2024, Mr.
Ladner was a finalist for both the Western Canada General Counsel Awards and the Canadian General Counsel Awards "Tomorrow's
Leader Award." Mr. Ladner is also on the strategic advisory board of Eloro Resources Ltd. Mr. Ladner has his Honors in Business
Administration (with distinction) from the Richard Ivey School of Business and his Juris Doctor from Western University.

 Number and Terms of Office of Officers and
Directors

 The number of directors is established by the
Board of Directors. Our Board currently consists of five directors. Each elected director will serve until the Company's next annual
meeting of shareholders and until a successor is elected and qualified.

 Our officers are appointed by the Board and serve
at the discretion of the Board, rather than for specific terms of office. Our Board is authorized to appoint persons to the offices set
forth in our Amended and Restated Bylaws as it deems appropriate.

 Arrangements between Officers and Directors

 Except as set forth below, to our knowledge,
there is no arrangement or understanding between any of our directors or officers and any other person, including directors and officers,
pursuant to which the director or officer was selected to serve as an officer.

 Mr. Warke is the sole officer and director of
Augusta Investments Inc. ("Augusta Investments"), the Company's largest stockholder. On October 26, 2020, the Company
closed a private placement of units with Augusta Investments pursuant to which Augusta Investments gained control of the Company. Upon
gaining control Augusta Investments recommended for appointment Daniel Earle and Donald Taylor as directors of the Company and Michael
McClelland and Johnny Pappas as officers of the Company. Subsequently, Augusta Investments recommended for appointment directors and
also recommended for appointment Purni Parikh and Tom Ladner as officers of the Company and Mr. Warke as the Executive Chairman of the
Company. Mr. Warke's ownership of the Company is set out in Item 12 below.

 On March 27, 2024, the Board of Directors appointed
Tyler Minnick to act as Interim Chief Financial Officer of the Company effective April 1, 2024.

 Family Relationships

 None of our directors or executive officers are
related by blood, marriage, or adoption to any other director, executive officer, or other key employees.

 Other Directorships

 Other than John Boehner who is a director of
SK Growth Opportunities Corporation, Lenard Boggio who is a director of Equinox Gold Corp., none of the directors of Augusta Gold are
also directors of issuers with a class of securities registered under Section 12 of the Exchange Act (or which otherwise are required
to file periodic reports under the Exchange Act).

 Legal Proceedings

 We are not aware of any of our directors or officers
being involved in any legal proceedings in the past ten years relating to any matters in bankruptcy, insolvency, criminal proceedings
(other than traffic and other minor offenses) or being subject to any of the items set forth under Item 401(f) of Regulation S-K.

 Delinquent Section 16(a) Reports

 Section 16(a) of the Exchange Act requires the
Company's officers and directors, and persons who own more than 10% of the Shares, to file reports of ownership and changes of
ownership of such securities with the SEC.

 Based solely on a review of the reports received
by the SEC, the Company believes that, during the fiscal year ended December 31, 2024, the Company's officers, directors and greater
than 10% owners timely filed all reports they were required to file under Section 16(a), except that one Form 4 reporting one transaction
for Richard Warke was late.

 Code of Business Conduct and Ethics

 The Company has a code of business conduct and
ethics that applies to our directors, officers, employees, consultants, contractors, subcontractors and other agents of the Company.
Our code of business conduct and ethics is available at our website which is located at www.augustagold.com. We will post any amendments
to, or waivers from, including an implicit waiver, the Code of Ethics on that website.

 Audit Committee and Audit Committee Financial
Experts

 We have a standing Audit Committee and audit
committee charter, which complies with Rule 10A-3 of the Exchange Act. Our Audit Committee was established in accordance with Section
3(a)(58)(A) of the Exchange Act. Our Audit Committee is composed of three directors, Lenard Boggio, Daniel Earle and John Boehner, each
of whom, in the opinion of the Board, are independent (in accordance with Rule 10A-3 of the Exchange Act and the requirements of Section
803A of the NYSE American Company Guide) and financially literate (pursuant to the requirements of Section 803B of the NYSE American
Company Guide). Lenard Boggio satisfies the requirement of a "financial expert" as defined under Item 407(d)(5) of Regulation
S-K.

 Director Nomination Procedures

 The Company has a Nominating and Corporate Governance
Committee and approved a charter for the committee. The charter can be found on our website at www.augustagold.com.

 There have been no material changes to the procedures
pursuant to which a stockholder may recommend a nominee to the Board. The Nominating and Corporate Governance Committee does not have
a set policy for whether or how stockholders are to recommend nominees for consideration by the Board. Recommendations for director nominees
made by stockholders are subject to the same considerations as nominees selected by the Corporate Governance and Nominating Committee
or the Board.

 ITEM 11. EXECUTIVE COMPENSATION

 The table below sets forth, for the last two
fiscal years, the compensation earned by our named executive officers consisting of our Executive Chairman, Chief Executive Officer,
Chief Financial Officer, Interim Chief Financial Officer, and VP Environmental Permitting.

 Summary Compensation Table

 Non-Equity

 Nonqualified

 Incentive

 Deferred

 Name and

 Stock

 Plan

 All Other

 Principal
 Position

 Year

 Salary (2)

 Bonus (3)

 Awards (1)

 Awards (1)

 Earnings

 Total

 (a)

 (b)

 (c)

 (d)

 (e)

 (f)

 (g)

 (h)

 (i)

 (j)

 Richard Warke,

 2024

 $
 255,512

 --

 --

 $
 293,292

 --

 --

 --

 $
 548,804

 Executive Chairman

 2023

 $
 259,317

 --

 --

 --

 --

 --

 --

 $
 259,317

 Donald Taylor,

 2024

 $
 250,000

 --

 $
 293,292

 --

 --

 --

 $
 543,292

 Chief Executive Officer

 2023

 $
 250,000

 $
 87,500

 --

 --

 --

 --

 --

 $
 337,500

 Michael McClelland,

 2024

 $
 23,521

 --

 --

 --

 --

 --

 --

 $
 23,521

 Chief Financial Officer (4)

 2023

 $
 152,812

 $
 26,627

 --

 --

 --

 --

 --

 $
 179,439

 Ty Minnick,

 2024

 $
 57,625

 --

 --

 $
 52,200

 --

 --

 --

 $
 109,825

 Interim Chief Financial
 Officer

 2023

 --

 --

 --

 --

 --

 --

 --

 $

 Johnny Pappas,

 2024

 $

 --

 --

 $
 67,680

 --

 --

 --

 $
 267,680

 VP Environmental & Permitting

 2023

 $

 --

 --

 --

 --

 --

 --

 $

 (1)

 Represents the aggregate grant date fair value computed in accordance
 with FASB 123.

 (2)

 Messrs Warke and McClelland were paid in C$ and translated into US$
 using the average 2024 and 2023 exchange rate per Bank of Canada of 1.3698 and 1.3497, respectively. Payments made by the Company
 to Mr. Warke were to Augusta Capital Corporation, a private company 100% beneficially held by Mr. Warke.

 (3)

 2023 bonus paid in the first quarter of 2024, 2024 bonus payable in
 2025.

 Consulting Agreements

 The Company has entered into a consulting agreement
with Augusta Capital Corporation, a private company 100% beneficially held by Mr. Warke, Chairman of the Company. Under the terms of
the agreement, Augusta Capital Corporation is paid a monthly rate of C$29,167 and is eligible for an annual success fee of C$245,000
at the discretion of the Board. In the event of a change of control, Augusta Capital Corporation shall be paid a success fee of C$1,785,000.
The agreement went into effect January 1, 2021 and remains in effect until terminated.

 Employment Agreements

 Donald Taylor and Johnny Pappas

 The Company has entered into an employment or
letter agreement with each of Mr. Taylor and Mr. Pappas for an indefinite term. Each agreement provides for a base salary (as may be
adjusted annually), a bonus, grant of Options, vacation time and various standard benefits including life, disability, medical, dental
and reimbursement of reasonable expenses. Where applicable, the payment of a bonus is tied to corporate, operational and individual performance
and the grant of Options are at the discretion of the Board. Bonuses are paid at the discretion of the Compensation Committee and the
Board. Refer to the Summary Compensation Table above for compensation paid to, earned by or accrued for each of Mr. Taylor and Mr. Pappas
for fiscal year ended December 31, 2024.

 Change of Control - Donald R. Taylor

 If Mr. Taylor's employment is terminated
without cause or by him for good reason, the Company shall pay (in addition to basic entitlements for unpaid base salary to the date
of termination, accrued and outstanding vacation pay and reimbursement for properly incurred business expenses) an amount in cash equal
to one and one-half times his then base annual salary. Mr. Taylor will also be entitled to retain any vested securities granted to him
under any compensation plan of the Company in accordance with such compensation plan. If Mr. Taylor is terminated without cause or resigns
for any reason within six months following a Change of Control, he will be entitled to an amount in cash equal to two times the aggregate
of his then base annual salary and target bonus. All unvested Options held by Mr. Taylor at the time of a Change of Control will vest
on the date of such Change of Control.

 Change of Control - Johnny Pappas

 If Mr. Pappas' employment is terminated
without cause or by him for good reason the Company will pay (in addition to basic entitlements for unpaid base salary to the date of
termination, accrued and outstanding vacation pay and reimbursement for properly incurred business expenses) an amount in cash equal
to one-half times the aggregate of his then base annual salary. Mr. Pappas will also be entitled to retain any vested securities granted
to him under any compensation plan of the Company in accordance with such compensation plan. In the event that Mr. Pappas is terminated
without cause or resigns for any reason within six months following a Change of Control, he will be entitled to an amount in cash equal
to one and one-half times the aggregate of his then base annual salary and target bonus. All unvested Options held by Mr. Pappas at the
time of a Change of Control will vest on the date of such Change of Control.

 O utstanding equity awards at year end December
31, 2024

 The following table sets forth the stock options
granted to our named executive officers as of December 31, 2024. No stock appreciation rights have been awarded.

 Option Awards

 Stock Awards

 Securities

 Securities

 Shares or

 Underlying

 Underlying

 Units of

 Unexercised

 Unexercised

 Name

 Stock

 Options:

 Options:

 Exercise

 that Have

 (#)

 (#)

 Price

 Expiration

 Not

 Name

 Exercisable

 Unexercisable

 ($)

 Date

 Vested (#)

 Richard Warke

 533,333

 266,667

 CAD

 2.00

 2/22/2026

 --

 Richard Warke

 --

 650,000

 CAD

 1.11

 4/16/2029

 --

 Donald Taylor

 350,000

 --

 CAD

 2.00

 2/22/2026

 --

 Donald Taylor

 333,333

 166,667

 CAD

 2.00

 8/30/2026

 --

 Donald Taylor

 --

 650,000

 CAD

 1.11

 4/16/2029

 --

 Johnny Pappas

 233,333

 116,667

 CAD

 2.00

 2/22/2026

 --

 Johnny Pappas

 --

 150,000

 CAD

 1.11

 4/16/2029

 --

 --

 CAD

 1.11

 8/13/2029

 --

 83,334

 --

 USD

 0.82

 11/30/2027

 --

 58,334

 --

 USD

 0.66

 1/6/2030

 --

 83,334

 --

 USD

 1.10

 8/3/2030

 --

 Director Compensation

 The following table shows compensation paid to
our directors (excluding compensation included under our summary compensation table above) for service as directors during the year ended
December 31, 2024.

 Name

 Fees

 Earned or

 Paid in

 Cash

 ($)

 Stock

 Awards

 ($)*

 Awards

 ($)

 All
 Other

 ($)

 Total

 ($)

 John Boehner

 --

 --

 CAD

 --

 CAD

 Daniel Earle

 --

 --

 CAD

 --

 CAD

 Lenard Boggio

 --

 --

 CAD

 --

 CAD

 *

 Represents the aggregate grant date fair value computed in accordance
 with FASB 123.

 Compensation of Directors

 Directors that were also executive officers received
no monetary compensation for serving as a Director. Non-executive directors are granted non-qualified stock options as compensation.
Such stock option awards are determined at the sole discretion of the Company's Compensation Committee.

 Insider Trading Policy

 The Company has adopted an insider trading policy
that is reasonably designed to promote compliance with insider trading laws, rules, regulations and listing standards. The policy governs
the purchase, sale and other dispositions of the Company's securities by the Company's directors, officers and employees
or the Company itself.

 ITEM 12. SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 The following tables set forth certain information
as of the approximate date of this filing regarding the beneficial ownership of our common stock by:

 each person or entity who, to our knowledge, owns more than 5% of our
 common stock;

 our named executive officers;

 each director; and

 all of our executive officers and directors as a group.

 The percentages of common stock beneficially
owned are reported on the basis of regulations of the Securities and Exchange Commission governing the determination of beneficial ownership
of securities. Under the rules of the Securities and Exchange Commission, a person is deemed to be a beneficial owner of a security if
that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or dispositive power,
which includes the power to dispose of or to direct the disposition of the security. Shares of common stock that a person purpose has
the right to acquire beneficial ownership of within 60 days of the date of this filing are deemed to be beneficially owned by the person
holding such securities for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for
the purpose of computing the percentage ownership of any other person. Except as indicated in the footnotes to this table, each beneficial
owner named in the table below has sole voting and sole investment power with respect to all shares beneficially owned.

 Executive Officers and Directors

 Name and Address

 Shares Owned

 Percentage

 Richard Warke (1)

 26,480,055

 30.4

 %

 Don Taylor (2)

 1,573,334

 1.8

 %

 John Boehner (3)

 500,000

 0.6

 %

 Lenard Boggio (4)

 542,222

 0.

 6%

 Daniel Earle (5)

 Suite 2915, 181 Bay St

 Toronto, ON M5J 2T3

 1,391,800

 1.6

 %

 Ty Minnick (6)

 300,836

 0.3

 %

 Purni Parikh (7)

 741,667

 0.9

 %

 Johnny Pappas (8)

 460,000

 0.5

 %

 Tom Ladner (9)

 303,333

 0.4

 %

 All executive officers and directors as a group (9 persons)

 32,293,247

 35.2

 %

 Other 5% or Greater Stockholders (Common Stock)

 Name and Address

 Shares Owned

 Percentage

 Barrick Gold Corporation

 Brookfield Place TD Canada Trust Tower

 161 Bay Street, Suite 3700,

 Toronto, ON M5J 2S1

 9,100,000

 10.6

 %

 The Beling Family Trust

 David Beling, Trustee

 897 Quail Run Drive

 Grand Junction, CO 81505

 4,693,701

 5.5

 %

 (1)

 Includes the following: 1,016,667 options that are vested or vesting
 within 60 days, 25,463,388 shares of Common Stock, of which all of the shares of Common Stock are held by Augusta Investments Inc.,
 a company wholly owned by Mr. Warke.

 (2)

 Includes the following: 300,000 warrants, 1,066,667 options that are
 vested or vesting within 60 days and 206,667 shares of Common Stock.

 (3)

 Includes the following: 500,000 options that are vested or vesting
 within 60 days.

 (4)

 Includes the following: 500,000 options that are vested or vesting
 within 60 days and 42,222 shares of Common Stock.

 (5)

 Includes the following: 500,000 options that are vested or vesting
 within 60 days and 891,800 shares of Common Stock, of which 561,800 shares of Common Stock are held by 2210637 Ontario Ltd., a company
 wholly owned by Mr. Earle.

 (6)

 Includes the following: 225,002 options that are vested or vesting
 within 60 days and 75,834 shares of Common Stock.

 (7)

 Includes the following: 525,000 options that are vested or vesting
 within 60 days and 216,667 shares of Common Stock, of which 166,667 shares of Common Stock are held by Lions Gate Holdings Inc.

 (8)

 Includes the following: 400,000 options that are vested or vesting
 within 60 days and 60,000 shares of Common Stock.

 (9)

 Includes the following: 233,000 options that are vested or vesting
 within 60 days and 70,000 shares of Common Stock.

 Change in Control

 We are not aware of any arrangement that might
result in a change in control in the future. We have no knowledge of any arrangements, including any pledge by any person of our securities,
the operation of which may at a subsequent date result in a change in the Company's control.

 Equity Compensation Plans

 See the discussion under the heading "Item
5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities".

 ITEM 13. CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 Certain Relationships and Related Transactions

 See Note 5 to the financial statements filed herewith for detailed
disclosure of the Company's related party transactions.

 Related Person Transactions Policy and Procedure

 Augusta Gold's Code of Ethics requires
it to avoid, wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except
under guidelines approved by the Chairman of the Audit Committee or the Board. Related-party transactions are defined as transactions
in which (1) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2) Augusta Gold or any of
its subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election as a director, (b) greater than
5% beneficial owner of Augusta Gold's shares of common stock, or (c) immediate family member, of the persons referred to in clauses
(a) and (b), has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than
10% beneficial owner of another entity). A conflict of interest situation can arise when a person takes actions or has interests that
may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may also arise if a person, or a
member of his or her family, receives improper personal benefits as a result of his or her position.

 Our audit committee, pursuant to its written
charter, is responsible for reviewing and approving related-party transactions to the extent we enter into such transactions. The audit
committee will consider all relevant factors when determining whether to approve a related party transaction, including whether the related
party transaction is on terms no less favorable to us than terms generally available from an unaffiliated third-party under the same
or similar circumstances and the extent of the related party's interest in the transaction.

 Director Independence

 We currently have five directors serving on our
Board of Directors. We are not listed on a national securities exchange, but for purposes of this disclosure we have selected the independence
requirements of the NYSE American LLC. Using the definition of independence set forth in the rules of the NYSE American, John Boehner,
Lenard Boggio, and Daniel Earle would be considered independent directors of the Company.

 ITEM 14. PRINCIPAL ACCOUNTING
FEES AND SERVICES

 Audit Fees

 For the fiscal year ended December 31, 2024,
the fees billed by Davidson & Company LLP, our principal accountant, to us for totaled $113,972 for services rendered for the review
of the financial statements included in the 2024 quarterly reports on Form 10-Q filed with the SEC and for the audit of the 2023 annual
financial statements.

 Audit-Related Fees

 For the fiscal years ended December 31, 2024,
and 2023, there were no fees billed to us by our principal accountant for the audit or review of the financial statements that are not
reported above under Audit Fees.

 Tax Fees

 For the fiscal year ended December 31, 2024,
there were $28,109 tax fees billed to us by our principal accountant for the 2023 tax return. For the fiscal year ended December 31,
2023, there were $34,315 tax fees billed to us by our principal accountant for the 2022 tax return.

 All Other Fees

 For the fiscal year ended December 31, 2024,
there were no additional fees billed to us by our principal accountant for services other than services described above, and $3,543 for
the year ended December 31, 2023.

 Policy on Audit Committee Pre-Approval of
Audit and Permissible Non-Audit Services of Independent Auditors

 The policy of our Audit Committee is to pre-approve
all audit and permissible non-audit services provided by the independent auditors. These services may include audit services, audit-related
services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as
to the particular service or category of services and is generally subject to a specific budget. The independent auditors and management
are required to periodically report to our Board of Directors regarding the extent of services provided by the independent auditors in
accordance with this pre-approval, and the fees for the services performed to date. The Audit Committee may also pre-approve particular
services on a case-by-case basis. Our Audit Committee approved all services that our independent accountants provided to us in the past
two fiscal years.

 ITEM 15. EXHIBITS

 (a) (1)(2) Financial Statements: See index to
financial statements and supporting schedules.

 (a) (3) Exhibits

 The information required by Section (a)(3) of
Item 15 is set forth on the Exhibit Index that follows the signatures page of this Form 10-K and is incorporated herein by reference.

 ITEM 16. FORM 10-K SUMMARY

 None.

 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: March 17, 2025

 By:

 /s/ Donald R. Taylor

 Name:

 Donald R. Taylor

 Title:

 President and Chief Executive Officer

 (Principal Executive Officer)

 Date: March 17, 2025

 By:

 /s/ Tyler Minnick

 Name:

 Tyler Minnick

 Title:

 Interim Chief Financial Officer

 (Interim Principal Financial and

 Accounting Officer)

 Power of Attorney

 KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Donald R. Taylor as his or her attorney-in-fact, with the power of substitution,
for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all
that said attorney-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

 Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.

 SIGNATURE

 TITLE

 DATE

 /s/ Donald R. Taylor

 President and Chief Executive Officer

 Donald R. Taylor

 (Principal Executive Officer)

 /s/ Tyler Minnick

 Interim Chief Financial Officer

 Tyler Minnick

 (Interim Principal Financial and Accounting Officer)

 /s/ Richard Warke

 Executive Chairman

 Richard Warke

 /s/ John Boehner

 John Boehner

 /s/ Daniel Earle

 Daniel Earle

 /s/ Donald R. Taylor

 Donald R. Taylor

 /s/ Lenard Boggio

 Lenard Boggio

 EXHIBIT INDEX

 Exhibit No.

 Description

 2.1(1)

 Agreement
 and Plan of Merger, dated as of September 30, 2011, by and among Bullfrog Gold Corp., Standard Gold Corp. and Bullfrog Gold Acquisition
 Corp.

 2.2(1)

 Certificate
 of Merger, dated September 30, 2011 merging Bullfrog Gold Acquisition Corp. with and into Standard Gold Corp.

 2.3(23)

 Agreement
 and Plan of Merger dated as of September 6, 2023, by and between the Company and Augusta Gold Corp., a Delaware corporation

 2.4(24)

 Certificate
 of Ownership and Merger filed October 10, 2023

 2.5(24)

 Articles
 of Merger filed October 10, 2023

 3.1(24)

 Articles
 of Incorporation

 3.2(24)

 Bylaws

 4.1(33)

 Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

 4.3(10)

 Form

 4.4(14)

 Form

 4.5(17)

 Form

 4.6(22)

 Form
 of Warrant Indenture

 4.7(22)

 Form
 of Compensation Warrant

 4.8(25)

 Form

 10.1(3)

 Form
 of Directors and Officers Indemnification Agreement

 10.2(3)

 Bullfrog
 Gold Corp. 2011 Equity Incentive Plan

 10.3(3)

 Form
 of 2011 Incentive Stock Option Agreement

 10.4(3)

 Form
 of 2011 Non-Qualified Stock Option Agreement

 10.5(1)

 Agreement
 of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations between Standard Gold Corp and Aurum National Holdings
 Ltd

 10.6(1)

 Amended
 and Restated Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations between Standard Gold Corp,
 Bullfrog Holdings, Inc. and NPX Metals, Inc.

 10.7(1)

 to Purchase and Royalty Agreement between Standard Gold Corp. and Southwest Exploration, Inc.

 10.8(1)

 Employment
 Agreement between the Company and Mr. David Beling***

 10.9(5)

 Agreement dated March 23, 2015

 10.10(8)

 Form

 10.11(9)

 2017
 Equity Incentive Plan***

 10.12(11)

 2021
 Stock Option Plan***

 10.13(12)

 Term
 Sheet

 10.14(12)

 Letter
 Agreement Mineral Lease and Option to Purchase

 10.15(13)

 to Letter Agreement

 10.16(13)

 Second
 Amendment to Letter Agreement

 10.17(14)

 Membership
 Interest Purchase Agreement

 10.18(15)

 Form
 of Indemnity Agreement

 10.19(15)

 Form
 of Royalty Deed

 10.20(15)

 Form
 of Investor Rights Agreement

 10.21(18)

 Stock
 Option Plan***

 10.22(19)

 Membership
 Interest Purchase Agreement dated April 21, 2022

 10.23(20)

 Deed
 of Trust

 10.24(21)

 Secured
 Promissory Note Purchase Agreement

 10.25(21)

 Secured
 Promissory Note

 10.26(21)

 Security
 Agreement

 10.27(26)

 Number One to Secured Promissory Noted dated September 13, 2023

 10.28(27)

 Number Two to Secured Promissory Note dated December 13, 2023

 10.29(25)

 Unsecured
 Promissory Note Purchase Agreement dated February 26, 2024

 10.30(25)

 Unsecured
 Promissory Note dated February 26, 2024

 10.31(31)

 Number One, dated December 27, 2024, to the Unsecured Promissory Note dated February 26, 2024

 10.32(28)

 Number One to Secured Promissory Note Purchase Agreement dated March 27, 2024

 10.33(28)

 Amended
 and Restated Promissory Note dated March 27, 2024

 10.34(29)

 Number One dated June 28, 2024, to the Amended and Restated Note dated March 27, 2024

 10.35(30)

 Number Two, dated September 30, 2024, to the Amended and Restated Note dated March 27, 2024

 10.36(31)

 Number Three, dated December 27, 2024,to the Amended and Restated Note dated March 27, 2024

 10.37(28)

 Amended
 and Restated Guarantee and Security Agreement dated March 27, 2024

 10.38(28)

 Form
 of Deed of Trust

 19*

 Insider Trading Policy

 21(3)

 List
 of Subsidiaries

 31.1*

 Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 31.2*

 Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 32.1*

 Certification of Chief Executive Officer filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 32.2*

 Certification of Chief Financial Officer filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 96.1(32)**

 Technical
 Report Summary - Feasibility Study with an effective date of September 3, 2024

 101.INS*

 101.SCH*

 101.CAL*

 101.DEF*

 101.LAB*

 101.PRE*

 104*

 in Exhibit 101).

 *

 Filed herewith

 **

 Furnished herewith.

 ***

 Indicates management contract or compensatory arrangement.

 (1)

 Incorporated by reference to the Company's Form S-1/A, filed
 with the SEC on December 18, 2012.

 (2)

 Form 8-K, filed with the SEC on July 22, 2011

 (3)

 Form 8-K, filed with the SEC on October 6, 2011.

 (4)

 Incorporated by reference to the Company's Annual Report on Form
 10-K, filed with the SEC on February 27, 2012.

 (5)

 Form 8-K, filed with the SEC on March 26, 2015.

 (6)

 Form 8-K, filed with the SEC on February 27, 2017.

 (7)

 Form 8-K, filed with the SEC on November 20, 2012.

 (8)

 Form 8-K, filed with the SEC on May 24, 2017.

 (9)

 Form 8-K, filed with the SEC on December 4, 2017.

 (10)

 8-K filed with the SEC January 21, 2020.

 (11)

 8-K filed with the SEC February 26, 2021.

 (12)

 8-K filed with the SEC September 11, 2020.

 (13)

 8-K filed with the SEC October 9, 2020.

 (14)

 8-K filed with the SEC October 15, 2020.

 (15)

 8-K filed with the SEC October 29, 2020.

 (16)

 Incorporated by reference to the Company's Annual Report on Form
 10-K filed with the SEC on March 15, 2021

 (17)

 Form 8-K filed with the SEC on March 5, 2021

 (18)

 Form 8-K filed with the SEC on February 26, 2021

 (19)

 Form 8-K filed with the SEC on April 27, 2022

 (20)

 Form 8-K filed with the SEC on June 16, 2022

 (21)

 Form 8-K filed with the SEC on September 19, 2022

 (22)

 Form 8-K filed with the SEC on January 20, 2023

 (23)

 Form 8-K filed with the SEC on September 8, 2023

 (24)

 Form 8-K filed with the SEC on October 12, 2023

 (25)

 Form 8-K filed with the SEC on March 1, 2024

 (26)

 Form 8-K filed with the SEC on September 15, 2023

 (27)

 Form 8-K filed with the SEC on December 14, 2023

 (28)

 Incorporated by reference to the Company Current Report on Form 8-K
 filed with the SEC on March 28, 2024

 (29)

 Incorporated by reference to the Company Current Report on Form 8-K filed with the SEC on August 5, 2024

 (30)

 Incorporated by reference to the Company Current Report on Form 8-K filed with the SEC on October 2, 2024

 (31)

 Incorporated by reference to the Company Current Report on Form 8-K filed with the SEC on December 31, 2024

 (32)

 Incorporated by reference to the Company Current Report on Form 8-K filed with the SEC on September 20, 2024

 (33)

 Incorporated by reference to the Company's Annual Report on Form
 10-K filed with the SEC on March 29, 2024

 Index to Consolidated Financial Statements

 Report of Independent Registered Public
 Accounting Firm

 Consolidated Balance Sheets

 Consolidated Statements of Operations

 Consolidated Statements of Stockholders' Equity
 (Deficit)

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 F- 1

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Shareholders and Directors of Augusta Gold
Corp.

 Opinion on the Consolidated Financial Statements

 We have audited the accompanying
consolidated balance sheets of Augusta Gold Corp. (the "Company"), as of December 31, 2024 and 2023, and the related consolidated
statements of operations and comprehensive income (loss), changes in shareholders' equity (deficit), and cash flows for the years
ended December 31, 2024 and 2023, and the related notes and schedules (collectively referred to as the "financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Augusta Gold
Corp. as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and
2023 in conformity with accounting principles generally accepted in the United States of America.

 Going Concern

 The accompanying consolidated
financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated
financial statements, the Company has a net working capital deficiency that raises substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

 Basis for Opinion

 These consolidated financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing
procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

 F- 2

 Critical Audit Matters

 The critical audit matters communicated
below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated
to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved
our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our
opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate
opinions on the critical audit matter or on the accounts or disclosures to which they relate.

 In addition to the matter described in the Going Concern
section, we have determined the matters described below to be the critical audit matters to be communicated in our auditor's report.

 Assessment of Impairment Indicators of Mineral Properties

 As described in Note 2 to the financial statements,
the carrying amount of the Company's Mineral Properties was $58,468,673 as of December 31, 2024. As more fully described in Note
1 to the financial statements, management assesses Mineral Properties for indicators of impairment at each reporting period.

 The principal considerations
for our determination that the assessment of impairment indicators of the Mineral Properties is a critical audit matter are that there
was judgment made by management when assessing whether there were indicators of impairment for the Mineral Properties, specifically relating
to the assets' carrying amount which is impacted by the Company's intent and ability to continue to explore and evaluate these
assets. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate audit evidence
relating to the judgments made by management in their assessment of indicators of impairment that could give rise to the requirement to
prepare an estimate of the recoverable amount of the Mineral Properties.

 Addressing the matter involved performing procedures and
evaluating audit evidence in connection with forming our overall opinion on the financial statements. Our audit procedures included, among
others:

 Evaluating management's assessment of impairment indicators.

 Evaluating the intent for the Mineral Properties through discussion and communication with management.

 Evaluating the mining stage to determine the accounting treatment and whether an impairment test is required.

 Reviewing the Company's recent expenditure activity and its ability to fund future exploration and development;

 Obtaining, on a test basis through government websites, confirmation of title to ensure mineral rights
underlying the Mineral Properties are in good standing.

 Asset Retirement Obligation ("ARO")

 As described in Note 1 to the
consolidated financial statements, the carrying amount of the Company's ARO was $2,721,138 as of December 31, 2024.

 The principal considerations
for our determination that the Company's ARO is a critical audit matter are that there was judgment made by management when assessing
this obligation, including the assessment of the nature and extent of future work to be performed, the future cost of performing the rehabilitation
work, the timing of when the rehabilitation will take place and economic assumptions such as the discount rate and inflation rates applicable
to future cash outflows associated with rehabilitation activities to bring them to their present value.

 Addressing the matter involved
performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. Our audit
procedures included, among others:

 Obtaining the Company's assessment of their obligations to reclaim disturbed areas and the estimated
future cost of that work.

 Assessing the qualifications, competence and objectivity of management's experts who produced the cost estimates.

 Utilizing our internal valuation expert to assess the reasonability of the discount rates.

 Testing the mathematical accuracy of the reclamation obligation model to support the provision balance.

 Evaluating and testing, on a sample basis, key assumptions used in the reclamation obligation model
and recalculating the present value of the obligation.

 F- 3

 We have served as the Company's
auditor since 2019.

 /s/ DAVIDSON & COMPANY LLP

 Vancouver, Canada

 Chartered Professional Accountants

 F- 4

 CONSOLIDATED
BALANCE SHEETS

 DECEMBER 31, 2024 AND DECEMBER
31, 2023

 (Expressed in US dollars)

 Assets

 Current assets

 Cash

 $
 315,001

 $
 300,734

 Prepaid

 38,946

 55,999

 Deposits

 7,028

 Total current assets

 353,947

 363,761

 Other assets

 Equipment, net

 1,000,335

 1,044,392

 Reclamation bonds

 1,115,813

 1,115,813

 Mineral properties, net

 58,468,673

 58,992,286

 Total other assets

 60,584,821

 61,152,491

 Total assets

 $
 60,938,768

 $
 61,516,252

 Liabilities and Stockholders' Equity (Deficit)

 Current liabilities

 Accounts payable and accrued liabilities

 $
 1,754,491

 $
 1,411,439

 Note payable and accrued interest - related party

 31,418,516

 25,393,879

 Warrant liability

 692,949

 Asset retirement obligation

 1,117,000

 110,700

 Total current liabilities

 34,290,007

 27,608,967

 Long term liabilities

 Asset retirement obligation, net of current

 1,604,138

 2,971,097

 Warrant liability, net of current

 364,056

 417,758

 Total long term liabilities

 1,968,194

 3,388,855

 Total liabilities

 36,258,201

 30,997,822

 Stockholders' equity

 Preferred stock, 250,000,000 shares authorized, $ 0.0001 par value

 Preferred stock series A, 5,000,000 shares designated and authorized, $ 0.0001 par value; zero issued and outstanding as of 12/31/24 and 12/31/23

 Preferred stock series B, 45,000,000 shares designated and authorized, $ 0.0001 par value; issued and outstanding preferred stock series B shares convertible into zero shares of common stock as of 12/31/24 and 12/31/23

 Common stock, 750,000,000 shares authorized, $ 0.0001 par value; 85,929,753 shares issued and outstanding as of 12/31/24 and 12/31/23

 8,593

 8,593

 Additional paid in capital

 64,495,341

 63,745,580

 Accumulated deficit

 ( 39,823,367
)

 ( 33,235,743
)

 Total stockholders' equity

 24,680,567

 30,518,430

 Total liabilities and stockholders' equity

 $
 60,938,768

 $
 61,516,252

 Commitments and contingencies (Note 6)

 See accompanying notes to consolidated financial
statements

 F- 5

 CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2024 AND 2023

 (Expressed in US dollars)

 Operating expenses

 General and administrative

 $
 2,131,043

 $
 4,143,352

 Lease expense

 Exploration, evaluation and project expense

 1,870,814

 2,686,656

 Accretion expense

 Total operating expenses

 4,307,602

 7,006,613

 Net operating loss

 ( 4,307,602
)

 ( 7,006,613
)

 Revaluation of warrant liability

 746,651

 16,267,187

 ( 3,024,636
)

 ( 2,550,557
)

 Foreign currency exchange loss

 ( 2,037
)

 ( 52,007
)

 Net income (loss) and comprehensive income (loss)

 $
)

 $

 Weighted average common shares outstanding – basic

 85,561,252

 Weighted average common shares outstanding – diluted

 85,682,086

 Earnings (loss) per common share – basic

 $
 ( 0.08
)

 $
 0.08

 Earnings (loss) per common share – diluted

 $
 ( 0.08
)

 $
 0.08

 See accompanying notes to consolidated financial
statements

 F- 6

 CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

 FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2024 AND 2023

 (Expressed in US dollars)

 Common

 Total

 Stock

 Additional

 Stockholders'

 Shares

 Common

 Paid In

 Accumulated

 Equity

 Stock

 Capital

 Deficit

 (Deficit)

 December 31, 2022

 79,204,606

 $
 7,920

 $
 56,375,344

 ($
 39,893,753
)

 $
 16,489,511

 Stock based compensation

 1,265,971

 1,265,971

 Placement - January

 6,725,147

 7,866,753

 7,867,426

 Warrant liability

 ( 1,762,488
)

 ( 1,762,488
)

 Net income

 December 31, 2023

 $
 8,593

 $
 63,745,580

 ($
 33,235,743
)

 $
 30,518,430

 Stock based compensation

 749,761

 749,761

 Net loss

)

)

 December 31, 2024

 8,593

 64,495,341

 ( 39,823,367
)

 24,680,567

 See accompanying notes to consolidated financial
statements

 F- 7

 CONSOLIDATED
STATEMENTS OF CASH FLOWS

 FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2023 AND 2022

 (Expressed in US dollars)

 Cash flows from operating activities

 Net income (loss)

 $
)

 $

 Adjustments to reconcile net income (loss) to net cash used in operating activities

 Accretion expense

 Revaluation of warrant liability

 ( 746,651
)

 ( 16,267,187
)

 Share based compensation

 749,761

 1,265,971

 Change in operating assets and liabilities:

 Prepaid expenses

 17,053

 100,960

 Deferred stock issuance costs

 121,424

 Debt issuance costs

 167,437

 53,152

 Deposits

 7,028

 Accounts payable

 343,052

 ( 1,285,926
)

 Accrued interest

 2,857,200

 2,497,404

 Asset retirement obligation

 ( 77,734
)

 155,814

 Net cash used in operating activities

 ( 2,985,733
)

 ( 6,544,773
)

 Cash flows from investing activity

 Acquisition of mineral properties

 ( 238,919
)

 Net cash used in investing activities

 ( 238,919
)

 Cash flows from financing activities

 Proceeds from private placement of stock

 8,568,651

 Proceeds from note payable - related party

 Share issuance costs

 ( 701,225
)

 Increase in surety bond collateral

 ( 1,115,813
)

 Net cash provided by financing activities

 6,751,613

 Net increase (decrease) in cash

 14,267

 ( 32,079
)

 Cash, beginning of period

 300,734

 332,813

 Cash, end of period

 $
 315,001

 $
 300,734

 Noncash investing and financing activities

 Interest and taxes paid

 $
 5,479,941

 $
 15,446

 Change in ARO estimate

 $
 523,613

 $
 215,098

 Warrant liability from units placement

 $

 $
 1,762,488

 See accompanying notes to consolidated financial
statements

 F- 8

 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

 NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES

 Nature of Business

 Augusta Gold Corp. (the "Company")
is an exploration stage issuer engaged in the acquisition and exploration of properties that may contain gold, silver, and other metals
in the United States. The Company's target properties are those that have been the subject of historical exploration. The Company
owns, controls or has acquired mineral rights on patented claims and federal unpatented claims in the state of Nevada for the purpose
of exploration and potential development of gold, silver, and other metals. The Company plans to review opportunities and acquire additional
mineral properties with current or historic precious and base metal mineralization with meaningful exploration potential.

 The Company's Reward Gold Project has mineral
reserves under subpart 1300 of Regulation S-K ("S-K 1300") under the Exchange Act of 1934, as amended (the "Exchange
Act"), but the Company has not yet made a development and production determination for the project and the Company's other
mineral properties do not have any reserves. The Company plans to conduct exploration and engineering evaluation programs on these properties
with the objective of ascertaining whether any of its properties contain economic concentrations of precious and base metals that are
prospective for mining.

 Basis of Presentation and Statement of
Compliance

 The accompanying consolidated financial statements
(the "consolidated financial statements"), have been prepared in accordance with accounting principles generally accepted
in the United States of America ("GAAP") and pursuant to the rules and regulations of the United States Securities and Exchange
Commission ("SEC").

 Basis of Measurement

 These consolidated financial statements have
been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured
at fair value as described herein.

 Principles of Consolidation

 The consolidated financial statements include
the accounts of Augusta Gold Corp. and its wholly owned subsidiaries, Standard Gold Corp. ("Standard Gold"), Bullfrog Mines
LLC ("Bullfrog Mines"), CR Reward, LLC ("CR Reward" or "Reward") and Rocky Mountain Minerals Corp.
("Rocky Mountain Minerals" or "RMM"). All significant inter-entity balances and transactions have been eliminated
in consolidation. Subsidiaries are entities the Company controls when it is exposed, or has rights, to variable returns from its involvement
in the entity and can affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are included
in the consolidated financial results of the Company from the date of acquisition up to the date of disposition or loss of control.

 Going Concern and Management's Plans

 As at December 31, 2024, the Company has a working
capital deficiency of approximately $ 34,000,000. The Company expects to continue to obtain necessary funds primarily through additional
debt, the issuance of common shares, or a strategic alternative. While the Company has been successful in securing financing to date,
there can be no assurances that additional debt, future equity financing, or strategic alternatives will be available on acceptable terms
to the Company or at all. These circumstances raise substantial doubt about the Company's ability to continue as a going concern.

 Cash, Cash Equivalents and Concentration

 The Company considers all highly liquid investments
with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial
institutions in the United States and Canada. On December 31, 2024, the Company's cash balance was approximately $ 315,000. To reduce
its risk associated with the failure of such financial institution, the Company will evaluate, as needed, the rating of the financial
institution in which it holds deposits.

 F- 9

 Critical Judgements and Estimation Uncertainties

 The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets, liabilities, and expenses. These estimates and judgements are
subject to change based on experience and new information which could result in outcomes that require a material adjustment to the carrying
amounts of assets or liabilities affecting future periods. Actual results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively.

 Impairment of mineral properties –
Management applies significant judgment in its assessment of mineral properties and whether there are any indications of impairment.
The Company considers both internal and external sources of information when making the impairment assessment. External sources of information
considered are changes in the Company's economic, legal and regulatory environment, which it does not control, but affects the
recoverability of its mining assets. Internal sources of information the Company considers include the manner in which mining properties
are expected to be used and indications of economic performance.

 Share-based compensation – The
fair value of share-based compensation is calculated using the Black-Scholes model. The main assumptions used in the model include the
estimated life of the option, the expected volatility of the Company's share price, and the risk-free rate of interest. The resulting
value calculated is not necessarily the value that the holder of the option could receive in an arm's-length transaction.

 Warrant liability – The fair
value of the warrant liability is calculated using the Black-Scholes model. The main assumptions used in the model include the estimated
life of the warrant, the expected volatility of the Company's share price, and the risk-free rate of interest. The resulting value
calculated is not necessarily the value that the holder of the warrant could receive in an arm's-length transaction.

 Asset retirement obligation – Significant
judgment is involved in the determination of future reclamation costs, inflation rates, discount rate, and the life of mine. Revisions
to these inputs may result in an adjustment to the carrying value of the obligation and the mineral properties involved.

 Foreign Currency Translation

 The Company is exposed to currency risk on transactions
and balances in currencies other than the functional currency. The Company has not entered into any contracts to manage foreign exchange
risk.

 These consolidated financial statements are presented
in U.S. dollars ("USD"), which is the Company's reporting currency. The functional currency of the Company and its
subsidiaries is the US dollar; therefore, the Company is exposed to currency risk from financial assets and liabilities denominated in
Canadian dollars. The Company does not consider the currency risk to be material to the future operations of the Company and, as such,
does not have a program to manage currency risk.

 Transactions in foreign currencies are recorded
in the functional currency at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary
assets and liabilities denominated in foreign currencies are translated at the period end exchange rates. Non-monetary items are translated
at the exchange rates in effect on the date of the transactions. Foreign exchange gains and losses arising on translation are presented
in the consolidated statements of loss and comprehensive loss.

 Property and Equipment

 Property and equipment are stated at cost less
accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated
useful lives of the assets, which range from 5 to 15 years. Additions, renewals, and betterments that significantly extend the life of
the asset are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise
disposed of, the cost and related accumulated depreciation and amortization are removed from the accounts, and any related gain or loss
is reflected in income for the period.

 F- 10

 Leases

 The Company has adopted Financial Accounting
Standards Board (FASB) ASU 2016-02, Leases (Topic 842), for reporting leases. For leases of 12 months or less, the Company has elected
to apply the short-term lease exemption permitted by ASC 842. For leases with a lease term greater than one year, the Company recognizes
a lease asset for its right to use the underlying leased asset and a lease liability for the corresponding lease obligation

 Mineral Property Acquisition and Exploration
Costs

 Mineral property exploration costs are expensed
as incurred until economic reserves are quantified. To date, the Company has established proven and probable reserves on its Reward Gold
Project but has not established any proven or probable mineral reserves on its other mineral properties. The Company has not yet made
a development decision on the Reward Gold Project. Costs of lease, exploration, carrying and retaining unproven mineral lease properties
are expensed as incurred. The Company has chosen to expense all mineral exploration costs as incurred given that it is still in the exploration
stage. Once the Company has identified proven and probable mineral reserves in its investigation of its properties and upon development
of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When
a property reaches the production stage, the related capitalized costs will be amortized over the estimated life of the probable-proven
mineral reserves. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment
of value and any diminution in value. To date, the Company has only determined the commercial feasibility of its Reward Gold Project
but has not made a development decision on the project and has not established the commercial feasibility of any of its other exploration
prospects; therefore, all exploration costs are being expensed. Costs of property and equipment acquisitions are being capitalized.

 The Company is required to reclaim the property
at the Bullfrog Project and Reward Project at the end of their useful lives. In accordance with FASB ASC 410-20, Asset Retirement and
Environmental Obligations, the Company recognized the fair value of a liability for an ARO in the amount of $ 1,908,470 at the Bullfrog
Project and $ 812,668 at the Reward Project. During the period ended December 31, 2024, the Company incurred certain costs related
to the ARO estimate that had an effect on the accretion and estimated costs.

 Although the ultimate amounts for future site
reclamation and remediation are uncertain, the best estimate of these obligations was based on information available, including current
legislation, third-party estimates, and management estimates. T he amounts and timing of the mine closure obligations will vary depending
on several factors including future operations and the ultimate life of the mine, future economic conditions, and changes in applicable
environmental regulations.

 Period end

 Balance, beginning of period

 $
 3,081,797

 $
 2,814,435

 Accretion

 Costs applied to ARO balance

 ( 77,734
)

 ( 59,285
)

 Change in estimates

 ( 523,613
)

 215,099

 Balance, end of period (current)

 $
 1,117,000

 $
 110,700

 Balance, end of period (long term)

 $
 1,604,138

 $
 2,971,097

 Life of mine - Bullfrog Project

 2031

 2031

 Life of mine - Reward Project

 2029

 2029

 Discount rate

 11.5
 %

 3.9
 %

 Inflation rate (average)

 2.1
 %

 2.2
 %

 F- 11

 At December 31, 2024, the estimated future cash
flows have been determined using real cash flows and discounted using a rate of 11.5 % and a total undiscounted amount for the estimated
future cash flows is $ 2,246,820 at the Bullfrog Project and $ 1,256,067 at the Reward Project. The Bullfrog and CR Reward projects have
surety bonding in place with the Bureau of Land Management for $ 2,286,611 and $ 1,161,725 respectively.

 At December 31, 2023, the estimated future cash
flows have been determined using real cash flows and discounted using a rate of 3.9 % and a total undiscounted amount for the estimated
future cash flows is $ 2,037,222 at the Bullfrog Project and $ 1,296,261 at the Reward Project. The Bullfrog and CR Reward projects have
surety bonding in place with the Bureau of Land Management for $ 2,282,270 and $ 1,161,725 respectively.

 Fair Value of Financial Instruments

 Fair value is defined as the exchange price that
would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset
or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may
be used to measure fair value:

 Level 1

 -

 Valuation based on quoted market prices in active markets for identical
 assets and liabilities.

 Level 2

 -

 Valuation based on quoted market prices for similar assets and liabilities
 in active markets.

 Level 3

 -

 Valuation based on unobservable inputs that are supported by little
 or no market activity, therefore requiring management's best estimate of what market participants would use as fair value.

 The fair value of cash, deposits, accounts payable
and notes payable approximates their carrying values due to their short term to maturity. The warrant liabilities are measured using
level 3 inputs (Note 4).

 Income Taxes

 Income taxes are accounted for under the asset
and liability method in accordance with ASC 740, "Income Taxes". Deferred tax assets and liabilities are recognized for the
future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their
respective tax bases as well as operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent that the recoverability of the asset is unlikely
to be recognized.

 The Company reports a liability, if any, for
unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. The Company
has elected to classify interest and penalties related to unrecognized income tax benefits, if and when required, as part of income tax
expense in the statement of operations. No liability has been recorded for uncertain income tax positions, or related interest or penalties
as of December 31, 2024, and December 31, 2023. The tax returns are generally open for IRS examination for three years from the date
the return was filed or the due date of the return, whichever is later.

 Long Lived Assets

 The Company assesses the impairment of long-lived
assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When the Company determines
that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment
and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge.
The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to
be commensurate with the risk inherent in the current business model. Significant management judgment is required in determining whether
an indicator of impairment exists and in projecting cash flows.

 F- 12

 Preferred Stock

 The Company accounts for its preferred stock
under the provisions of the ASC on Distinguishing Liabilities from Equity, which sets forth the standards for how an issuer classifies
and measures certain financial instruments with characteristics of both liabilities and equity. This standard requires an issuer to classify
a financial instrument that is within the scope of the standard as a liability if such financial instrument embodies an unconditional
obligation to redeem the instrument at a specified date and/or upon an event certain to occur. The Company has determined that its preferred
stock does not meet the criteria requiring liability classification as its obligation to redeem these instruments is not based on an
event certain to occur. Future changes in the certainty of the Company's obligation to redeem these instruments could result in
a change in classification.

 Stock-Based Compensation

 Stock-based compensation is accounted for based
on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of
the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director
is required to perform the services in exchange for the award (presumptively, the vesting period). This ASC also requires measurement
of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 The estimated fair value of each stock option
as of the date of grant was calculated using the Black-Scholes pricing model. The Company estimates the volatility of its common stock
at the date of grant based on Company stock price history. The Company determines the expected life based on the simplified method given
that its own historical share option exercise experience does not provide a reasonable basis for estimating expected term. The Company
uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately
equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying
any cash dividends in the foreseeable future. The shares of common stock subject to the stock-based compensation plan shall consist of
unissued shares, treasury shares or previously issued shares held by any subsidiary of the Company, and such number of shares of common
stock are reserved for such purpose.

 Derivative Financial Instruments

 The Company accounts for derivative instruments
in accordance with Financial Accounting Standards Board ("FASB") ASC 815, Derivatives and Hedging ("ASC 815"),
which requires additional disclosures about the Company's objectives and strategies for using derivative instruments, how the derivative
instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the financial
statements. The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. Terms
of convertible debt and equity instruments are reviewed to determine whether or not they contain embedded derivative instruments that
are required under ASC 815 to be accounted for separately from the host contract and recorded on the balance sheet at fair value. The
fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value
recorded in current period operating results. Pursuant to ASC 815, an evaluation of specifically identified conditions is made to determine
whether the fair value of warrants issued is required to be classified as equity or as a derivative liability.

 Certain warrants are treated as derivative financial
liabilities. The estimated fair value, based on the Black-Scholes model, is adjusted on a quarterly basis with gains or losses recognized
in the statement of loss and comprehensive loss. The Black-Scholes model is based on significant assumptions such as volatility, dividend
yield, expected term and liquidity discounts.

 F- 13

 Earnings (Loss) per Common Share

 The following table shows basic and diluted earnings
per share:

 Basic and diluted earnings (loss) per common share

 Earnings (loss)

 $
)

 $

 Basic weighted average shares outstanding

 85,561,252

 Assumed conversion of dilutive shares

 120,835

 Diluted weighted average common shares outstanding, assuming conversion of common stock equivalents

 85,682,086

 Basic earnings (loss) per common share

 $
 ( 0.08
)

 $
 0.08

 Diluted earnings (loss) per common share

 $
 ( 0.08
)

 $
 0.08

 Certain options and warrants were excluded in
the diluted weighted average shares calculation because they were "out-of-the money". In periods when the Company has a net
loss, all common stock equivalents are excluded as they would be anti-dilutive. The following details the dilutive and anti-dilutive
shares as of December 31, 2023:

 December 31, 2023

 Dilutive

 shares -
 In the money

 Anti-dilutive

 shares -
 Out of the money

 Total

 58,334

 4,951,668

 5,010,002

 Warrants

 34,701,615

 34,701,615

 Total

 58,334

 39,653,283

 39,711,617

 All "in-the-money" options and warrants
were excluded in the diluted weighted average shares calculation because there was a net loss for the year ended December 31, 2024.

 Risks and Uncertainties

 Since the formation of the Company, it has not
generated any revenue. As an early-stage company, the Company is subject to all the risks inherent in the initial organization, financing,
expenditures, complications and delays inherent in a new business. Our business is dependent upon the implementation of our business
plan. There can be no assurance that our efforts will be successful or that we will ultimately be able to generate revenue or attain
profitability.

 Natural resource exploration, and exploring for
gold, is a business that by its nature is very speculative. There is a strong possibility that we will not discover gold or any other
mineralization on our exploration properties which can be mined or extracted at a profit. Even if we do discover gold or other deposits
on our exploration properties, the deposit may not be of the quality or size necessary for us or a potential purchaser of the property
to make a profit from mining it. While our Reward Gold Project has mineral reserves established pursuant to a feasibility study, even
if we develop and begin production on the project, we may not realize the expected economic potential of the mineral reverses as stated
in the feasibility study. Few properties that are explored are ultimately developed into producing mines. Unusual or unexpected geological
formations, geological formation pressures, fires, power outages, labor disruptions, flooding, explosions, cave-ins, landslides and the
inability to obtain suitable or adequate machinery, equipment or labor are just some of the many risks involved in mineral exploration
programs and the subsequent development of gold deposits.

 The Company business is exploring for gold and
other minerals. If the Company discovers commercially exploitable gold or other deposits, revenue from such discoveries will not be generated
unless the gold or other minerals are actually mined.

 Mining operations in the United States are subject
to many different federal, state, and local laws and regulations, including stringent environmental, health and safety laws. In the event
operational responsibility is assumed for mining our properties, the Company may be unable to comply with current or future laws and
regulations, which can change at any time. Changes to these laws may adversely affect any of the Company potential mining operations.
Moreover, compliance with such laws may cause substantial delays and require capital outlays greater than those the Company anticipates,
adversely affecting any potential mining operations. Future mining operations, if any, may also be subject to liability for pollution
or other environmental damage. The Company may choose not to be insured against this risk because of high insurance costs or other reasons.

 F- 14

 The Company's exploration and development
activities may be affected by existing or threatened medical pandemics, such as the novel coronavirus (COVID-19). A government may impose
strict emergency measures in response to the threat or existence of an infectious disease, such as the emergency measures imposed by
governments of many countries and states in response to the COVID-19 virus pandemic. As such, there are potentially significant economic
and social impacts of infectious diseases, including but not limited to the inability of the Company to develop and operate as intended,
shortage of skilled employees or labor unrest, inability to access sufficient healthcare, significant social upheavals or unrest, disruption
to operations, supply chain shortages or delays, travel and trade restrictions, government or regulatory actions or inactions (including
but not limited to, changes in taxation or policies, or delays in permitting or approvals, or mandated shut downs), declines in the price
of precious metals, capital markets volatility, availability of credit, loss of investor confidence and impact on economic activity in
affected countries or regions. In addition, such pandemics or diseases represent a serious threat to maintaining a skilled workforce
in the mining industry and could be a major health-care challenge for the Company. There can be no assurance that the Company or the
Company's personnel will not be impacted by these pandemic diseases and the Company may ultimately see its workforce productivity
reduced or incur increased medical costs/insurance premiums as a result of these health risks. COVID-19 is rapidly evolving and the effects
on the mining industry and the Company are uncertain. The Company may not be able to accurately predict the impact of infectious disease,
including COVID-19, or the quantum of such risks. There can be no assurance that the Company will not be impacted by adverse consequences
that may be brought about by pandemics on global financial markets, which may reduce resources, share prices and financial liquidity
and may severely limit the financing capital available to the Company.

 Recent Accounting Pronouncements

 In November 2023, the FASB issued ASU 2023-07,
Segment Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment
expenses by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM), extend
certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain
conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods
for which financial statements have not been issued. The Company adopted ASU 2023-07 effective as of December 31, 2024, and the segment
disclosures in Note 8 are reflective of that adoption.

 Accounting pronouncements not yet adopted

 In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improve the transparency of disclosures related to the income
tax rate reconciliation and income taxes paid. The amendments are effective for the Company in fiscal years beginning after December
15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The
Company is currently evaluating the guidance and its impact to the financial statements.

 In November 2024, the FASB issued ASU 2024-03,
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income
Statement Expenses, which requires all public entities to disclose information about purchases of inventory, employee compensation, depreciation,
intangible asset amortization, and depletion for each income statement line item that contains those expenses. The amendments are effective
for the Company in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 27,
2027. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently evaluating the guidance and
its impact to the financial statements.

 F- 15

 NOTE 2 - MINERAL PROPERTIES

 Mineral
 properties

 Equipment

 Land
 improvements

 Total

 Cost

 As of December 31, 2022

 $
 58,962,286

 $
 161,326

 $
 1,015,869

 $
 60,139,481

 Additions

 58,992,286

 161,326

 1,015,869

 60,169,481

 Change in ARO estimate

 ( 523,613
)

 ( 523,613
)

 Additions

 $
 58,468,673

 $
 161,326

 $
 1,015,869

 $
 59,645,868

 Accumulated depreciation

 As of December 31, 2022

 $

 $
 65,162

 $
 23,584

 $
 88,746

 32,265

 11,792

 97,427

 35,376

 132,803

 32,265

 11,792

 $

 $
 129,692

 $
 47,168

 $
 176,860

 Net book value on December 31, 2024

 $
 58,468,673

 $
 31,634

 $
 968,701

 $
 59,469,008

 Mineral properties consist of two main projects:

 Bullfrog Gold Project

 On October 26, 2020, the Company completed its
acquisition of Bullfrog Mines pursuant to the Membership Interest Purchase Agreement (the "MIPA") among the Company, Homestake
Mining Company of California ("Homestake"), and Lac Minerals (USA) LLC ("Lac Minerals" and together with Homestake,
the "Barrick Parties").

 The project is subject to 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").

 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 %.

 Reward Gold Project

 On June 13, 2022, the Company completed the acquisition
of the outstanding membership interests (collectively, the "CR Interests") of CR Reward LLC, a wholly owned subsidiary of
Waterton ("CR Reward"), pursuant to a membership interest purchase agreement with Waterton Nevada Splitter, LLC ("Waterton").
CR Reward holds the Reward Project located seven miles from the Company's Bullfrog Project in Nevada.

 See Note 6 Commitments for discussion of other
option agreements underlying mineral claims.

 NOTE 3 - STOCKHOLDER'S EQUITY

 On January 20, 2023, the Company closed its offering
(the "Offering") of 6,725,147 units ("Units") of the Company at a price of C$ 1.71 per Unit, including
the units issued pursuant to the full exercise of the over-allotment option by the underwriters in the Offering (the "Underwriters"),
for aggregate gross proceeds of approximately C$ 11,500,000 before deducting Offering expenses. Each Unit was comprised of
one share of the Company's common stock and one-half of one common stock purchase warrant.

 In connection with the closing of the Offering,
the Company entered into a Warrant Indenture dated January 20, 2023 (the "Warrant Indenture") with Endeavor Trust Corporation,
as the warrant agent, pursuant to which the Company issued Warrants to purchase up to a maximum of 3,362,573 Warrant Shares.
Each Warrant is exercisable at any time after January 20, 2023, and prior to January 20, 2026.

 F- 16

 As compensation in connection to the Offering,
the Company paid the Underwriters cash compensation equal to 5.0 % of the aggregate gross proceeds of the Offering and issued to
the Underwriters 336,257 common stock purchase warrants (the "Compensation Warrants"). Each Compensation Warrant
is exercisable for one share of common stock (each, a "Compensation Warrant Share") for a period of 12 months following the
closing of the Offering at a price of C$ 1.71 per Compensation Warrant Share.

 The Company did not issue common shares for the
twelve months ended December 31, 2024.

 Convertible Preferred Stock

 In August 2011, the Board of Directors designated 5,000,000 shares
of Preferred Stock as Series A Preferred Stock. Each share of Series A Preferred Stock is convertible into one share of common stock
at the option of the preferred holder. The Series A Preferred Stock is not entitled to receive dividends and does not possess redemption
rights. The Company is prohibited from effecting the conversion of the Series A Preferred Stock to the extent that, as a result of the
conversion, the holder of such shares would beneficially own more than 4.99 % (or, if this limitation is waived by the holder upon
no less than 61 days prior notice to us, 9.99 %) in the aggregate of the issued and outstanding shares of our common stock. The holders
of the Company's Series A Preferred Stock are also entitled to certain liquidation preferences upon the liquidation, dissolution
or winding up of the business of the Company.

 In October 2012, the Board of Directors designated 5,000,000 shares
of Preferred Stock as Series B Preferred Stock. In July 2016, the Board of Directors increased the total Series B Preferred Stock designated
to 7,500,000. Each share of Series B Preferred Stock is convertible into one share of common stock at the option of the preferred
holder. The Series B Preferred Stock is not entitled to receive dividends and does not possess redemption rights. The Company is prohibited
from effecting the conversion of the Series B Preferred Stock to the extent that, as a result of the conversion, the holder of such shares
would beneficially own more than 4.99 % (which may be increased or waived upon no less than 61 days prior notice) in the aggregate
of the issued and outstanding shares of our common stock. For a period of 24 months from the issue date, the holder of Series B Preferred
Stock were entitled to price protection as determined in the subscription agreement. The Company has evaluated this embedded lower price
issuance feature in accordance with ASC 815 and determined that it is clearly and closely related to the host contract and is therefore
accounted for as an equity instrument.

 As of December 31, 2024 and 2023, there were
no Preferred Stock shares outstanding.

 Common Stock Options

 On February 22, 2021, the Company's
Board of Directors approved a new stock option plan (the "Plan"). The aggregate number of shares of common stock of
the Company (a "Share") that may be reserved for issuance pursuant to the Plan shall not exceed 10 % of the number of
Shares issued and outstanding from time to time. Options granted vest in accordance with terms at the discretion of the Board.

 On April 16, 2024, the Company granted 2,800,000 options
to certain directors, officers and employees. On August 13, 2024, the Company granted 200,000 options to an officer. No options
were granted for the twelve months ended December 31, 2023.

 The Company recognized share-based compensation
expense related to stock options of $ 749,761 and $ 1,265,971 for the twelve months ended December 31, 2024, and 2023, respectively.
The options are vested based on years of service, with options vesting between immediately and three years.

 The Black Scholes option pricing model was used
to estimate the aggregate fair value of the options with the following inputs:

 Exercise Price

 Expected
 Life

 Volatility

 Risk Free
 Interest Rate

 2,800,000

 C$
 1.11

 3.3 years

 75.9
 %

 4.8
 %

 C$
 1.11

 3.5 years

 72.4
 %

 3.8
 %

 F- 17

 Stock Option Activity

 A summary of the stock options as of December
31, 2024, and 2023, and changes during the years ended are presented below:

 Weighted

 Average

 Weighted

 Remaining

 Average

 Contractual

 Aggregate

 Exercise

 Life

 Intrinsic

 Price

 (Years)

 Value

 Balance at December 31, 2022

 5,200,002

 $
 1.56

 3.45

 $
 57,468

 Exercised

 Canceled

 ( 190,000
)

 C$
 2.02

 Balance at December 31, 2023

 5,010,002

 $
 1.48

 2.43

 Exercised

 C$
 1.11

 Canceled

 ( 840,000
)

 C$
 1.93

 Balance at December 31, 2024

 7,170,002

 $
 1.12

 2.58

 $
 366,342

 Options exercisable at December 31, 2024

 4,545,002

 $
 1.89

 1.57

 $
 55,149

 Warrant Activity

 Total outstanding warrants of 3,662,573 as of December 31, 2024, were
as follows:

 Warrants Issued

 Total

 Warrants issued (includes expired warrants)

 27,433,335

 3,777,784

 3,362,573

 336,257

 300,000

 35,209,949

 Issued date

 10/26/2020

 3/4/2021

 1/20/2023

 1/20/2023

 2/26/2024

 Expiration date

 10/26/2024

 3/4/2024

 1/20/2026

 1/20/2024

 2/26/2029

 Exercise price (Canadian $)

 $
 1.80

 $
 2.80

 $
 2.30

 $
 1.71

 $
 0.62

 Balance at December 31, 2022

 27,225,001

 3,777,784

 31,002,785

 Exercised

 3,362,573

 336,257

 3,698,830

 Expired

 Balance at December 31, 2023

 27,225,001

 3,777,784

 3,362,573

 336,257

 34,701,615

 Exercised

 300,000

 300,000

 Expired

 ( 27,225,001
)

 ( 3,777,784
)

 ( 336,257
)

 ( 31,339,042
)

 Balance at December 31, 2024

 3,362,573

 300,000

 3,662,573

 NOTE 4 - DERIVATIVE FINANCIAL INSTRUMENTS

 The October 2020 Warrants, March 2021 Warrants,
and January 2023 Warrants have an exercise price in Canadian dollars while the Company's functional currency is US dollars. Therefore,
in accordance with ASU 815 - Derivatives and Hedging, the Warrants have a derivative liability value.

 F- 18

 The value of the October 2020 Warrants of $ 11,439,156
has been calculated on the date of issuance of October 26, 2020, using Black-Scholes valuation technique. The warrant liability expired
as of December 31, 2024 and was valued at $ 691,782 for the year ending December 31, 2023 with the following assumptions:

 10/26/20

 Fair market value of common stock

 $
 1.26

 $
 0.63

 $
 0.00

 Exercise price

 $
 1.38

 $
 1.36

 $
 0.00

 Term

 4 years

 0.8 years

 0.00

 Volatility range

 68.4
 %

 72.7
 %

 0.0
 %

 Risk-free rate

 0.2
 %

 4.8
 %

 0.0
 %

 The value of the March 2021 Warrants of $ 3,306,758
has been calculated on the date of issuance of March 4, 2021, using Black-Scholes valuation technique. The warrant liability expired
as of December 31, 2024 and was valued at $ 1,167 for the year ending December 31, 2023 with the following assumptions:

 3/4/21

 Fair market value of common stock

 $
 1.97

 $
 0.63

 $
 0.00

 Exercise price

 $
 2.21

 $
 2.12

 $
 0.00

 Term

 3 years

 0.2 years

 0.00

 Volatility range

 72.7
 %

 101.2
 %

 0.0
 %

 Risk-free rate

 0.3
 %

 5.4
 %

 0.0
 %

 The value of the January 2023 Warrants of $ 1,762,488 has
been calculated on the date of issuance of January 20, 2023, using Black-Scholes valuation technique. The warrant liability was valued
at $ 364,056 and $ 417,758 for the year ending December 31, 2024, and 2023, respectively with the following assumptions:

 1/20/23

 Fair market value of common stock

 $
 1.13

 $
 0.63

 $
 0.81

 Exercise price

 $
 1.71

 $
 1.74

 $
 1.60

 Term

 3 years

 2 years

 1.1 years

 Volatility range

 84.1
 %

 80.1
 %

 79.2
 %

 Risk-free rate

 3.8
 %

 4.2
 %

 4.2
 %

 NOTE 5 - RELATED PARTY

 Augusta Investments
Inc.

 On September 13, 2022, the Company entered into a secured note purchase agreement (the "Purchase Agreement") with Augusta Investments Inc. ("Augusta Investments"), which shares a common director of Augusta Gold, to offer and sell a secured promissory note of the Company (the "Note") in exchange for Augusta Investments loaning the Company $ 22,232,561 (the "Loan"). The Loan and the issuance of the Note occurred on September 13, 2022. The Company used the Loan to make the second payment and deferred payment to Waterton Nevada Splitter LLC ("Waterton") on September 13, 2022, in connection with the Company's acquisition of its Reward gold project that closed on June 13, 2022.

 The Note bears
interest at a rate of prime plus 3 %. The Note is secured by a first-priority, perfected security interest in all the assets of the
Company pursuant to a guarantee and security agreement (the "Security Agreement") and certain deeds of trust (the "Deeds
of Trust", collectively with the Purchase Agreement, the Note and the Security Agreement, the "Loan Documents").

 The payment
of the obligations of the Company under the Note is also guaranteed by each of the subsidiaries of the Company pursuant to the Security
Agreement. The Company paid Augusta Investments an origination fee of 0.5 % of the amount of the Loan on the closing of the issuance
of the Note pursuant to the Purchase Agreement.

 F- 19

 On September 13, 2023, the Company and Augusta Investments entered
 into Amendment Number One (the "Amendment") to the Note. The Amendment amended Section 1 of the Note to change the maturity
 date of the Note from September 13, 2023 to the earlier of (i) first Business Day occurring 30 days after the Lender has provided
 written notice to the Company demanding payment on the entire unpaid balance of principal and all accrued and unpaid interest thereon;
 (ii) the date upon which the Company makes payment in full of the entire unpaid balance of principal and all accrued and unpaid interest;
 and (iii) December 13, 2023.

 On December 13, 2023, the Company and Augusta Investments entered into Amendment Number Two ("Amendment 2") to the Note. Amendment 2 amends Section 1 of the Note to change the maturity date of the Note from December 13, 2023, to March 31, 2024. In consideration for the Lender granting an extension to the maturity date, the Company has agreed to pay to the Lender an extension fee of $ 33,501, which is accrued and due on the maturity date.

 On March 27, 2024, the Company entered into Amendment Number One (the "Purchase Agreement Amendment") to its previously issued Purchase Agreement with Augusta Investments, pursuant to which Augusta Investments agreed to purchase the Note in the amount of US$ 22,232,561.

 In connection
with entering into the Purchase Agreement Amendment, Augusta Investments loaned the Company an additional $ 525,000, less a $ 25,000 loan
origination fee, and the Company issued an amended and restated Note to Augusta Investments dated March 27, 2024 (the "Amended
and Restated Note"). The Amended and Restated Note amended the Note to provide that the principal amount due and payable thereunder
will be set forth on Schedule A thereto, as amended from time to time, by the mutual agreement of the parties. As issued on March 27,
2024, the Amended and Restated Note was for a principal amount of $ 22,818,853, which includes (i) the original issue amount of the Note
on September 13, 2022 of $ 22,126,000 (along with $ 106,561 of debt issuance costs), (ii) an extension fee of $ 33,501 on December 13, 2023,
(iii) the $ 500,000 loan (along with an additional $ 25,000 of debt issuance costs) on March 27, 2024 and (iv) the extension fee of $ 27,791
on March 27, 2024. The Amended and Restated Note bears interest at a rate of prime plus 3 % and had an outside maturity date
of June 30, 2024.

 On April 26, 2024, the Company amended Schedule A to the Amended and Restated Note. In connection with amending Schedule A, the Purchaser loaned the Company an additional $ 1,500,000 pursuant to the terms and conditions of the Amended and Restated Note. As amended by the amended Schedule A, the Amended and Restated Note was for a principal amount of $ 24,318,853.

 On June 28, 2024, the Company entered into Amendment Number One (the
 "June 2024 Amendment") to the Amended and Restated Note.

 The June 2024
Amendment amended Section 1 of the Amended and Restated Note to change the outside maturity date of the Amended and Restated Note from
June 30, 2024, to September 30, 2024. In consideration for Augusta Investments granting an extension to the maturity date, the Company
agreed to pay Augusta Investments an extension fee of $ 30,399, which amount is accrued and due on the maturity date.

 In connection
with the June 2024 Amendment, the Company and Augusta Investments further amended Schedule A to the Amended and Restated Note to add
the amount of the Extension Fee to the principal amount of the Amended and Restated Note. As amended by the amended Schedule A, the Amended
and Restated Note was for a principal amount of $ 24,349,251.

 On September 3, 2024, the Company further amended Schedule A to the
 Amended and Restated Note.

 The amended Schedule A evidenced Augusta
Investments loaning the Company an additional $ 250,000 on August 28, 2024, pursuant to the terms and conditions of the Amended and Restated
Note. As amended by the amended Schedule A, the Amended and Restated Note was for a principal amount of $ 24,599,251.

 F- 20

 On
 September 30, 2024, the Company, entered into a Second Amendment (the "Second Amendment")
 to the Amended and Restated Note.

 The Second
Amendment amended Section 1 of the Amended and Restated Note to (i) extend the maturity date of the Amended and Restated Note from September
30, 2024 to April 30, 2025, (ii) approve an extension fee to the Lender of $ 71,748, and (iii) provide that Augusta Investments will loan
to the Company $ 5,479,941, an amount equal to all interest and fees payable on the loan under the Amended and Restated Note through September
30, 2024 (including the amount of the $ 71,748 extension fee), which the Company immediately repaid to the Lender in full satisfaction
of all interest and fees payable through September 30, 2024.

 On November 5, 2024, the Company executed an amended Schedule A to its amended and restated secured promissory note. The Amended Schedule A evidenced Augusta Investments Inc. loaning the Company an additional $ 250,000.00 on October 30, 2024.

 On December 27, 2024, the Company, executed Amendment Number Three ("Amendment Number Three") to its amended and restated secured promissory note. Amendment Number Three evidenced Augusta Investments Inc. loaning the Company an additional $ 250,000.00 on December 19, 2024.

 On February 26, 2024, the Company entered into
an unsecured note purchase agreement with Donald Taylor to offer and sell an unsecured promissory note of the Company in exchange for
the Lender loaning the Company $ 250,000 (along with an additional $ 12,500 of debt issuance fees). The note bears interest at
a rate of 14 % and originally matured on December 31, 2024. In connection with the loan, the Company issued 300,000 warrants
(the "Warrants") to Mr. Taylor. Each Warrant is exercisable for one share of the Company's common stock for a period
of five years at an exercise price of C$ 0.62. The value of the February 2024 Warrants of $ 97,370 has been calculated
on the date of issuance of February 26, 2024, using Black-Scholes valuation technique.

 On December 27, 2024, the Company and Mr. Taylor
entered into Amendment Number One to the unsecured promissory note to extend the maturity date to June 30, 2025.

 Related Party - Augusta Investments

 Note

 Payable

 Accrued

 Interest

 Total

 As of December 31, 2022

 $
 22,232,561

 $
 610,761

 $
 22,843,322

 33,501

 ( 33,501
)

 22,266,062

 3,127,817

 25,393,879

 Additional debt issued

 2,750,000

 2,750,000

 154,937

 ( 154,937
)

 Accrued interest converted to debt

 5,180,339

 ( 5,180,339
)

 2,980,924

 2,980,924

 $
 30,351,338

 $
 773,465

 $
 31,124,803

 Related Party - Don Taylor

 Note
 Payable

 Accrued
 Interest

 Total

 $

 $

 $

 Additional debt issued

 250,000

 250,000

 12,500

 ( 12,500
)

 43,712

 43,712

 $
 262,500

 $
 31,212

 $
 293,712

 F- 21

 Related Party - Total

 Note

 Payable

 Accrued

 Interest

 Total

 As of December 31, 2022

 $
 22,232,561

 $
 610,761

 $
 22,843,322

 33,501

 ( 33,501
)

 22,266,062

 3,127,817

 25,393,879

 Additional debt issued

 167,437

 ( 167,437
)

 Accrued interest converted to debt

 5,180,339

 ( 5,180,339
)

 3,024,636

 3,024,636

 $
 30,613,838

 $
 804,677

 $
 31,418,515

 On October 26, 2020, the Company entered into
an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies related
by virtue of certain directors and management in common. These services have been provided through a management company equally owned
by each company party to the arrangement. Costs incurred by the management company are allocated and funded by the shareholders of the
management company based on time incurred and use of services. If the Company's participation in the arrangement is terminated,
the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The
Company is committed to payments for office leases premises through November 2027 in the total amount of approximately $200,000 based
on the Company's current share of rent paid. The Company is jointly liable for rent payments. The Company does not have the ability
to control the asset. The lease agreement falls outside of lease accounting. As a result, the Company does not recognize a Right-of-Use
(ROU) asset or lease liability for this office space.

 The Company was charged for the following with
respect to this arrangement for the years ended December 31, 2024, and 2023:

 Salaries and benefits

 $
 200,634

 $
 391,643

 Office

 91,287

 119,447

 Operating expenses

 96,713

 102,505

 Total

 $
 388,634

 $
 613,595

 As of December 31, 2024, there were 7,170,002 options
issued and outstanding to officers, directors and employees of the Company of which 6,975,002 were to related parties. There
was related party share-based compensation expense of $ 727,124 and $ 1,217,713 for the years ending December 31 2024 and 2023,
respectively.

 The Company entered into a consulting arrangement
with Augusta Capital Corporation ("ACC"), a private company 100 % beneficially held by the Company's Executive Chairman.
ACC invoiced the Company C$ 367,500 and C$ 380,000 during the years ended December 31, 2024 and 2023 for consulting services, respectively.

 The Chief Executive Officer had an amount due
from the Company of $ 770,825 and $ 520,825 related to accrued payroll costs as of December 31, 2024 and 2023, respectively. The Chief
Financial Officer received $ 57,625 in fees and 200,000 options valued at $ 52,200 as of December 31, 2024.

 F- 22

 NOTE 6 - COMMITMENTS AND CONTINGENCIES

 The Company has four mineral leases underlying
the Reward property which require annual advance royalty payments according to the following schedules. These leases are out of the scope
of ASC 842 Leases, and any advance royalty paid is expensed off as exploration expenses. In the twelve months ended December 31,
2024, two of the four mineral leases were renewed resulting in an updated table of payments. Once in production, each agreement attracts
payment of net smelter royalties as per the following table.

 Total

 2025

 $
 60,400

 2026

 63,400

 2027

 65,900

 2028

 67,900

 2029

 70,900

 2030

 76,400

 2031

 74,000

 2032

 74,000

 2033

 79,500

 2034

 49,500

 2035

 54,500

 2036

 55,000

 2037

 55,000

 2038

 55,000

 2039

 45,000

 2040

 2041

 2042

 2043

 2044

 Applicable NSRs

 %

 (1)

 All amounts of annual advance minimum royalties paid during a calendar
 year shall be applied toward all amounts of earned mineral production royalties payable during that calendar year.

 On July 1, 2017, RMM entered a 30 -year Mineral
Lease (the "Lunar Lease") with Lunar Landing, LLC ("Lunar") involving 24 patented mining claims underlying part
of the Bullfrog property. Lunar owns a 100 % undivided interest in the mining claims. This lease is out of the scope of ASC 842 Leases,
and any payment is expensed off as lease expense.

 Under the Lunar Lease, RMM shall expend as minimum
work commitments of $ 50,000 per year starting in 2017 until a cumulative of $ 500,000 of expense has been incurred. If RMM fails to perform
its obligations under the Lunar Lease, and in particular fails to make any payment due to Lunar thereunder, Lunar may declare RMM in
default by giving RMM written notice of default which specifies the obligation(s) which RMM has failed to perform. If RMM fails to remedy
a default in payment within fifteen (15) days of receiving the notice of default or fails to remedy or commence to remedy any other default
within thirty (30) days of receiving notice, Lunar may terminate the Lunar Lease and RMM shall peaceably surrender possession of the
properties to Lunar. Notice of default or of termination shall be in writing and served in accordance with the Lunar Lease. RMM has made
all required payments and has paid Lunar $ 153,000 as of December 31, 2024, and makes lease payments on the following schedule:

 Payment due July

 Annual

 Payment

 2025-2026

 $

 2027-2031

 $

 25,000

 2032-2036

 $

 2037-2041

 $

 40,000

 2042-2046

 $

 45,000

 On October 29, 2014, RMM entered into an Option
Agreement (the "Mojave Option") with Mojave Gold Mining Corporation ("Mojave") granting RMM the right to purchase 100 %
of 12 patented mining claims located in Nye County, Nevada. This property is contiguous to the Company's Bullfrog Project
and covers approximately 156 acres, including the northeast half of the M-S pit mined by Barrick Gold in the 1990s.

 Mojave granted to RMM the sole and immediate
working right and option with respect to the property until the 10th anniversary of the closing date, to earn a 100 % interest in
and to the property free and clear of all charges encumbrances and claims, except a sliding scale net smelter return (or NSR) royalty.

 F- 23

 In order to maintain in force, the working right
and option granted to RMM, and to exercise the Mojave Option, the Company issued Mojave 750,000 shares of Company common stock
and paid $ 16,000 to Mojave in October 2014. Subsequently, RMM paid to Mojave a total of $ 190,000 over the next 10 years,
with the last payment made to Mojave in October 2023. As of the date hereof, the Mojave Option has been exercised in full. This lease
is out of the scope of ASC 842 Leases, and any payment is capitalized to mineral property.

 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. This lease
is out of the scope of ASC 842 Leases, and any payment is capitalized to mineral property. 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.

 The Company is from time to time involved in
various legal proceedings related to its business. Except as disclosed here in, management does not believe that adverse decisions in
any pending or threatened proceedings or that amounts that may be required to be paid by reason thereof will have a material adverse
effect on the Company's financial condition or results of operations.

 NOTE 7 - INCOME TAXES

 The effective income tax rate for the years ended
December 31, 2024, and 2023 consisted of the following:

 2024

 2023

 Federal statutory income tax rate on net income/loss

 21.0
 %

 21.0
 %

 State statutory income tax rate on net income/loss

 3.9
 %

 3.9
 %

 Change in valuation allowance

 - 24.9
 %

 - 24.9
 %

 Tax rate change

 - 3.9
 %

 - 3.9
 %

 Effective tax rate

 0.0
 %

 0.0
 %

 2024

 2023

 Earnings (loss) for the year

 $
)

 $

 Expected income tax (recovery)

 ( 1,638,342
)

 1,655,847

 Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses

 ( 278,409
)

 266,733

 Change in unrecognized deductible temporary differences

 1,916,751

 ( 1,922,580
)

 Total income tax expense (recovery)

 The components of the deferred tax assets and liabilities as of December
31, 2024, and 2023 are as follows:

 2024

 2023

 Deferred tax assets:

 Federal and state net operating loss carryovers

 $
 9,109,698

 $
 9,026,354

 Accrued liabilities and other

 1,803,260

 ( 45,597
)

 Mineral property

 707,491

 723,714

 Warrant revaluation

 1,682,761

 1,496,296

 Stock compensation

 164,032

 349,724

 Total deferred tax asset

 $
 13,467,242

 $
 11,550,491

 Less: valuation allowance

 $
 ( 13,467,242
)

 $
 ( 11,550,491
)

 Deferred tax asset

 $

 $

 F- 24

 The Company has approximately a $ 36,629,000 and
$ 33,000,000 net operating loss carryover as of December 31, 2024, and December 31, 2023, respectively. The net operating loss may offset
against taxable income, with $ 6,589,000 of the net operating loss carryover begins expiring in 2030 and $ 30,040,000 with no expiry date
may be subject to U.S. Internal Revenue Code Section 382 limitations.

 The Company has provided a valuation allowance
that eliminates the deferred tax asset as of December 31, 2024, and 2023, as the likelihood of the realization of the tax benefits cannot
be determined.

 The Company and our subsidiaries file annual
US Federal income tax returns and annual income tax returns for the state of Colorado. Income taxing authorities have conducted no formal
examinations of our past Federal or state income tax returns and supporting records.

 NOTE 8 - SEGMENTED INFORMATION

 The Company is managed as one reportable segment:
United States. The United States segment conducts exploration and evaluation activities at the Company's principal assets, the
Bullfrog Mines and CR Reward projects. This segment does not presently report any revenues from operations. Through this segment, the
Company seeks to position its projects as development opportunities within the gold, silver, and other metals sectors.

 The Company's Chief Operating Decision
Maker is the Chief Executive Officer ("CODM"). The CODM uses the consolidated statement of operations and comprehensive income
(loss) as the measure of segment profit and loss to assess performance and allocate resources. The measure of segment assets is reported
on the consolidated balance sheets as "Total assets" and the measure of segment capital expenditures is reported on the consolidated
statements of cash flows as "Acquisition of mineral properties."

 The Company reported no revenues during the years ended December 31, 2024, or 2023. The geographic location of all long lived assets is
the United States.

 Twelve months ending

 Exploration, evaluation and project expense:

 Consultants/Contractors

 583,035

 952,000

 Supplies and equipment

 284,654

 301,000

 Overhead and payroll

 722,000

 1,179,000

 Permits and fees

 251,000

 221,000

 Other

 30,125

 33,656

 Sub-Total

 $
 1,870,814

 $
 2,686,656

 General and administrative:

 Accounting fees

 $
 244,675

 $
 592,667

 Legal and other professional fees

 319,622

 1,100,668

 Marketing expense

 9,921

 27,989

 Payroll

 450,630

 641,639

 Corporate expenses & rent

 188,001

 209,852

 Share based compensation

 749,761

 1,265,971

 Insurance

 111,451

 138,896

 Stock exchange fees

 66,870

 87,860

 Other general expenses

 ( 9,888
)

 77,810

 Sub-Total

 $
 2,131,043

 $
 4,143,351

 Other:

 Lease expense

 $

 $

 Accretion expense

 Revaluation of warrant liability

 ( 746,651
)

 ( 16,267,187
)

 3,024,636

 Foreign currency exchange loss

 2,037

 52,007

 Sub-Total

 $
 2,585,767

 ($
 13,488,018
)

 Net income (loss) and comprehensive income (loss)

 6,587,624

 ( 6,658,011
)

 NOTE 9 - SUBSEQUENT EVENTS

 In February 2025 the Company received $ 100,000 from the CEO. The Company
has not yet agreed to terms of the loan.

 F- 25

 0001448597 false FY true

 2024-06-30

 2025-03-17

 us-gaap: SeriesAPreferredStockMember

 us-gaap: SeriesAPreferredStockMember

 us-gaap: SeriesBPreferredStockMember

 us-gaap: SeriesBPreferredStockMember

 2024-10-01

 srt: MinimumMember

 srt: MaximumMember

 augg: BullfrogProjectMember

 augg: RewardProjectMember

 augg: BullfrogProjectMember

 augg: RewardProjectMember

 augg: BullfrogProjectMember

 augg: RewardProjectMember

 augg: BullfrogProjectMember

 augg: RewardProjectMember

 augg: DilutiveSharesInTheMoneyMember
 augg: OptionsMember

 augg: AntidilutiveSharesOutOfTheMoneyMember
 augg: OptionsMember

 augg: OptionsMember

 augg: DilutiveSharesInTheMoneyMember

 augg: AntidilutiveSharesOutOfTheMoneyMember

 augg: DilutiveSharesInTheMoneyMember

 augg: AntidilutiveSharesOutOfTheMoneyMember

 augg: BullfrogGoldProjectMember

 srt: MinimumMember
 augg: BullfrogGoldProjectMember

 srt: MaximumMember
 augg: BullfrogGoldProjectMember

 augg: WarrantIndentureMember

 us-gaap: SeriesAPreferredStockMember

 us-gaap: SeriesAPreferredStockMember

 us-gaap: SeriesBPreferredStockMember

 2012-10-31

 us-gaap: SeriesBPreferredStockMember

 2016-07-31

 2012-10-31
 2012-10-31

 2021-02-22
 2021-02-22

 2024-04-16
 2024-04-16

 srt: OfficerMember

 2024-08-13
 2024-08-13

 augg: OptionOneMember

 augg: OptionOneMember

 augg: OptionTwoMember

 augg: OptionTwoMember

 2022-09-13

 augg: SecurityAgreementMember

 2024-03-27
 2024-03-27

 2024-03-27

 2022-09-13
 2022-09-13

 2023-12-13
 2023-12-13

 augg: AugustaInvestmentsIncMember

 2024-04-26
 2024-04-26

 augg: AugustaInvestmentsIncMember

 2024-04-26

 2024-08-28
 2024-08-28

 2024-08-28

 2024-10-30
 2024-10-30

 2024-12-19
 2024-12-19

 augg: OfficersDirectorsAndEmployeesMember

 augg: OfficersDirectorsAndEmployeesMember

 augg: RelatedPartyDonTaylorMember

 augg: RelatedPartyDonTaylorMember

 augg: RelatedPartyDonTaylorMember

 augg: LunarLandingLLCMember

 2017-07-01

 2017-07-01
 2017-07-01

 augg: MojaveMember

 2014-10-29

 augg: MojaveMember

 2014-10-29
 2014-10-29

 2014-10-29

 augg: MojaveMember

 2014-10-31

 2023-01-30
 2023-01-30

 2021-12-09

 2023-01-30

 augg: TwoThousandTwentyFiveTwoThousandTwentySixMember

 augg: TwoThousandTwentySevenTwoThousandThirtyOneMember

 augg: TwoThousandThirtyTwoTwoThousandThirtySixMember

 augg: TwoThousandThirtySevenTwoThousandFortyOneMember

 augg: TwoThousandFortyTwoTwoThousandFortySixMember

 augg: TwoZeroThreeZeroMember

 country: US

 augg: FederalAndStateNetOperatingLossCarryoversMember

 augg: FederalAndStateNetOperatingLossCarryoversMember

 augg: AccruedLiabilitiesAndOtherMember

 augg: AccruedLiabilitiesAndOtherMember

 augg: MineralPropertyMember

 augg: MineralPropertyMember

 augg: WarrantRevaluationMember

 augg: WarrantRevaluationMember

 augg: StockCompensationMember

 augg: StockCompensationMember

 augg: ConsultantsContractorsMember

 augg: ConsultantsContractorsMember

 augg: SuppliesAndEquipmentMember

 augg: SuppliesAndEquipmentMember

 augg: OverheadAndPayrollMember

 augg: OverheadAndPayrollMember

 augg: PermitsAndFeesMember

 augg: PermitsAndFeesMember

 augg: OtherMember

 augg: OtherMember

 augg: AccountingFeesMember

 augg: AccountingFeesMember

 augg: LegalAndOtherProfessionalFeesMember

 augg: LegalAndOtherProfessionalFeesMember

 augg: MarketingExpenseMember

 augg: MarketingExpenseMember

 augg: PayrollMember

 augg: PayrollMember

 augg: CorporateExpensesRentMember

 augg: CorporateExpensesRentMember

 augg: ShareBasedCompensationMember

 augg: ShareBasedCompensationMember

 augg: InsuranceMember

 augg: InsuranceMember

 augg: StockExchangeFeesMember

 augg: StockExchangeFeesMember

 augg: OtherGeneralExpensesMember

 augg: OtherGeneralExpensesMember

 srt: ChiefExecutiveOfficerMember
 us-gaap: SubsequentEventMember

 2025-02-01
 2025-02-28

 utr:acre

 augg:segment