Cover photos - Core drill rig at Stockade Mountain, November 2023

and drill core from SM-23-01.

Photos courtesy of Curtis Johnson, Scout Discoveries.

Table of Contents

Tables

Figures

Appendices

1 EXECUTIVE SUMMARY

1.1 Introduction

In March 2026, Ms. Barbara Carroll, BSc, CPG, and Mr. Robert Hatch, SME RM, were engaged by Austin Gold Corp. ("Austin Gold" or the "Company") (NYSE American: AUST) to prepare a Technical Report on the Stockade Mountain Project located in Malheur County, Oregon. The Stockade Mountain Project is an exploration-stage gold and silver project characterized as a low-sulfidation hot springs system with a history of significant exploration work in the late 1980s and early 1990s. Mineralization is associated with quartz and chalcedony veining concentrated within rhyolite domes and associated volcanic units adjacent to northwest-trending structures interpreted to have acted as conduits for mineralizing fluids.

Current exploration by Austin Gold is focused on evaluating the potential for higher-grade mineralization at depth beneath known near-surface gold and silver-bearing stockwork systems. Since the 1990s, the Property has been explored by several companies, including Phelps Dodge, BHP-Utah, Carlin Gold, Placer Dome, La Cuesta International, The Electrum Group, and P2 Gold Inc. No NI 43-101 compliant technical report has previously been completed for the Property.

The purpose of this report is to document the history, geology, and exploration activities of the Stockade Mountain Project and to summarize historical and current exploration results in accordance with the disclosure standards set forth in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Work completed for this report included compilation and review of historical exploration data, database review, technical evaluation, and preparation of this Technical Report, which has been prepared in accordance with National Instrument 43-101, Companion Policy 43-101CP, and Form 43- 101F1.

1.2 Project Description and Location

The Stockade Mountain Property is located on Stockade Mountain, Malheur County, Oregon, approximately 54 miles southeast of Burns, 30 miles south of Juntura, and 100 miles southwest of Boise, Idaho. The Property covers approximately 10.5 square miles (27.2 km²) and consists of 338 unpatented lode mining claims comprising approximately 6,726 acres (2,722 hectares) situated on public lands administered by the United States Bureau of Land Management (BLM). Figure 1.2-1 shows the Project Area and representative surface expression of low-sulfidation epithermal mineralization.

The claims are situated in T25S R38E Sec 27-34, T26S R38E Sec 1-5, 10, 12, 14 and T26S R39E Sec 07 and 18, Willamette Meridian. The claims were originally staked by Bull Mountain Resources, LLC (BMR) in 2016 and form the basis of a mineral lease and option agreement with Austin American Corporation, the wholly owned and U.S. operating subsidiary of Austin Gold Corp., under which the Company holds the right to explore and develop the Property. Additional claims were staked in 2024 by Austin American Corporation within the defined area of interest and are considered part of the Property under the terms of that agreement. All claims are reported to be in good standing, with annual maintenance fees paid to maintain tenure.

Figure 1.2-1 Project Area

Under the terms of the mineral lease and option agreement with Bull Mountain Resources LLC, Austin Gold Corp. holds the right to explore and develop the Stockade Mountain Property for an initial term of up to 35 years, providing the required pre-production payments and work commitments are met. These commitments include staged cash payments over time and minimum exploration expenditures. The agreement provides that the term may continue beyond 50 years if active mining operations are maintained. BMR retains a 2% net smelter return (NSR) royalty on claims it owns and a 0.25% NSR royalty on third-party claims within the area of influence, with provisions for reduction of these royalties upon reaching specified payment thresholds.

The Stockade Mountain Project is located within the Lower Owyhee subbasin in a semi-arid region characterized by limited surface water availability. Springs suitable for exploration drilling water may be present on the Property; however, additional water sources will be required for future exploration and development activities. The Company has received permission from the Oregon Water Resources Department to drill a water well to support exploration activities, with drilling of the well planned to ensure adequate water supply for future programs.

The project area is subject to standard land use and environmental considerations associated with exploration on federal lands administered by the BLM. A portion of the Property lies within a designated Area of Critical Environmental Concern (ACEC), and the Property is located within mapped Greater Sage- Grouse habitat. In addition, an active golden eagle territory has been identified within approximately two miles of the Property. While no known environmental liabilities or regulatory conditions have been identified that would preclude exploration activities, these factors may impose seasonal or operational constraints and will require consideration during future permitting and exploration planning.

Access to the Stockade Mountain Project is provided by a network of public roads, BLM-managed roads, and unimproved dirt roads and trails suitable for four-wheel-drive vehicles. Additional access may be required across private lands, and coordination with landowners may be necessary for future exploration activities. Existing access is considered adequate for current exploration programs, and the approved BLM Exploration Notice authorizes the construction of temporary access roads and drill sites as required, which will be reclaimed in accordance with regulatory requirements.

Exploration activities on the Stockade Mountain Project are regulated by the Bureau of Land Management and the Oregon Department of Geology and Mineral Industries (DOGAMI). An Exploration Notice submitted to the BLM in October 2022 and amended in May 2024 authorizes a drilling program with associated surface disturbance of approximately 4.63 acres, which remains within the threshold for Notice-level operations. A corresponding Exploration Permit was approved by DOGAMI in 2023. Reclamation bonds have been posted with both agencies, and the permits required to conduct the currently approved exploration program are in place.

1.3 Accessibility, Climate, Local Resources, Infrastructure and Physiography

The Stockade Mountain Project is accessible from Burns, Oregon via a combination of state highways, gravel roads, and unimproved dirt roads, with a total travel time of approximately 2.5 hours. Primary access is provided by Highway 78 to Crane, followed by the Crane-Venator Road and a network of dirt roads that provide access to both the western and eastern portions of the Property. Four-wheel-drive roads allow access throughout the project area, although conditions may be impacted by seasonal weather. Air access to the region is available via Burns Municipal Airport, a level 3 industrial zoned general aviation airport located approximately 48 miles northwest of the project area.

The project area is supported by nearby communities including Burns and Hines, Oregon, which provide lodging, fuel, equipment, and general services required for exploration activities. A skilled mining and industrial workforce, as well as specialized services and supplies, are available in Boise, Idaho, approximately 100 miles northeast of the project area. Springs occur on and near the Property and may provide limited water for exploration; however, a permitted water well is planned to provide a reliable source for drilling. The Property area is considered sufficient to support exploration activities and contains areas potentially suitable for future mine infrastructure.

The Stockade Mountain Project is situated within the High Lava Plains and Owyhee Uplands and Canyons subregion of the Northern Basin and Range ecoregion. The terrain is characterized by gently undulating volcanic plateaus and more rugged, dissected uplands with local relief of approximately 500 to 1,000 feet. Bedrock exposure varies from common along ridges and drainages to limited in covered areas, with rhyolite and basalt forming more resistant outcrops. Vegetation consists primarily of sagebrush, grasses, and scattered western juniper, and the area is used seasonally for cattle grazing.

The climate of the project area is semi-arid continental, characterized by short, warm, dry summers and cold winters with variable snowfall. Regional climate data from Burns, Oregon indicate temperature ranges from approximately 16°F in winter to 87°F in summer, with average annual precipitation of approximately 10.9 inches. Snowfall and seasonal precipitation may limit access during winter months and temporarily impact road conditions; however, exploration activities can generally be conducted during much of the year, with appropriate planning for seasonal constraints.

1.4 History

There is no record of exploration activity at the Stockade Mountain Property prior to the late 1980s, when regional exploration programs expanded into southeastern Oregon targeting near-surface, open-pittable gold mineralization. Initial exploration at Stockade Mountain was conducted by companies including Carlin Gold, BHP-Utah, Phelps Dodge, and Placer Dome between approximately 1989 and 1993.

Between 1989 and 1993, exploration programs included geological mapping, geochemical sampling, geophysical surveys, and reverse circulation drilling. Over 1,100 soil samples and more than 800 rock chip samples were collected, and a total of 57 reverse circulation drill holes were completed, totaling approximately 29,000 feet. These programs were designed to evaluate near-surface gold mineralization associated with opalite and chalcedony alteration zones.

After a period of limited activity, exploration resumed in 2014 with work by La Cuesta International and The Electrum Group, who conducted additional mapping and surface sampling programs and recognized the Project as a low-sulfidation epithermal gold system. These programs included collection of several hundred additional rock samples and the development of detailed geologic mapping and GIS databases to support ongoing exploration.

More recent work has included data compilation, geophysical surveys, and reinterpretation of historical exploration results. Compilation of historical datasets, including drilling, geochemistry, and mapping, has been completed to support current exploration targeting. The available data indicate that exploration to date has primarily focused on near-surface mineralization, with limited evaluation of deeper targets within the hydrothermal system.

1.5 Geology and Mineralization

The Stockade Mountain Project is underlain by a sequence of felsic volcanic rocks, including rhyolite flows, flow breccias, and associated pyroclastic units, which have been intruded by multiple rhyolitic domes. These units are variably altered by widespread silicification, opalization, and argillic alteration, forming a large hydrothermal alteration system developed over an area approximately 1.5 km by 6 km. Alteration is controlled by both lithologic features, such as flow banding and brecciation, and structural features, including northwest- and northeast-trending faults and associated shear zones.

Gold mineralization at the Stockade Mountain Project is associated with structurally controlled zones of chalcedonic and quartz veining, hydrothermal breccias, and stockwork mineralization developed within the altered rhyolitic units. Mineralization is commonly accompanied by pathfinder elements including arsenic, antimony, and mercury, and is interpreted to represent a low-sulfidation epithermal system formed within the upper levels of a hydrothermal environment. Historical and recent drilling, along with surface geochemical sampling, confirm the presence of gold mineralization within multiple zones across the Property, including the Opal Hill and Craters areas.

Exploration work to date has identified multiple target areas where mineralization is interpreted to be controlled by structural conduits and associated hydrothermal processes. Current exploration by Austin Gold is focused on evaluating the potential for higher grade mineralization at depth beneath known near surface gold and silver-bearing stockwork mineralization.

1.6 Exploration, Drilling, Sampling, Analysis, and Data Verification

Recent exploration by Austin Gold has focused on geophysical evaluation of the Property to improve targeting of deeper vein-hosted mineralization. Following review of the historical gradient-array induced polarization (IP)/resistivity and aeromagnetic-radiometric surveys, the Company completed a detailed Controlled Source Audio-frequency Magnetotellurics (CSAMT) survey during November and December 2025. The survey comprised 17 lines totaling 40.8 line-km and was designed to image structures to depths of approximately 300 to 400 meters. The RC drilling program originally anticipated for 2025 has been deferred to allow incorporation of the CSAMT results into drill targeting.

During the 2023-2024 exploration program, Austin Gold completed three diamond drill holes totaling approximately 2,436 feet (742.5 meters) at the Stockade Mountain Project. The program was designed to test for high-grade gold and silver mineralization beneath known near-surface stockwork zones in the Opal Hill/Number 9 Vein target area. Drilling confirmed the presence of a robust hydrothermal system and returned multiple gold intercepts, including higher-grade intervals, supporting the potential for deeper mineralization within the system.

Sample preparation, analytical procedures, and quality assurance/quality control (QA/QC) protocols for the 2023-2024 Austin Gold drilling program were conducted using standard industry practices. Drill core was securely transported, logged, and sampled under controlled conditions, with samples submitted to independent accredited laboratories for analysis. QA/QC measures included the routine insertion of blanks, standards, and duplicate samples, as well as the use of an independent umpire laboratory to verify analytical results. Documentation of sample preparation, analytical procedures, and QA/QC for historical exploration programs is limited; however, the work was conducted by reputable operators using industry-standard practices typical of the time. Based on the information reviewed, the Qualified Persons consider the sample preparation, security, and analytical procedures to be adequate for an exploration-stage project.

Data verification for the Stockade Mountain Project included review of historical and current technical data, comparison of digital databases to original assay certificates where available, and validation of drill hole data for consistency and completeness. Selected assay data were spot checked against original certificates with no discrepancies identified. Independent verification sampling and check assays conducted by the Qualified Persons confirm the presence of gold mineralization and demonstrate results consistent with both historical data and current drilling within expected limits of variability. While the historical dataset is incomplete and lacks full QA/QC documentation by modern standards, the data are considered to be of reasonable quality. Based on the verification work completed, the Qualified Persons consider Assay Certificate for Independent Surface Sample Verification the database to be adequate for the purposes of this technical report.

1.7 Mineral Processing and Metallurgical Testing

No metallurgical test work has been conducted by Austin Gold on the Stockade Mountain Project. Available metallurgical information is limited to historical test work completed by previous operators. Limited cyanide shake tests conducted by Phelps Dodge in 1991 on mineralized drill pulps produced variable results but generally indicated no evidence of refractory mineralization. Preliminary leachability testing conducted by Placer Dome in 1993 on selected drill samples indicated that a portion of the gold is cyanide leachable, with reported recoveries ranging from approximately 65% to 80% under varying test conditions.

1.8 Conclusions and Recommendations

The Stockade Mountain Project is an exploration-stage gold and silver property that has been the subject of multiple phases of exploration since the late 1980s. Historical and recent exploration programs, including drilling conducted by Austin Gold, have confirmed the presence of gold mineralization associated with widespread alteration and structurally controlled zones within the project area. The Project is interpreted to represent a hydrothermal system consistent with a low-sulfidation epithermal environment.

Exploration work completed to date indicates that both lower grade stockworks and narrow higher grade vein mineralization are present, but no resource of any category has been defined. Additional work will be required to explore for and discover the higher-grade veins interpreted to occur below the near-surface stockworks mineralization within the system. The available dataset consists of a combination of historical and recent information with varying levels of documentation; however, based on data verification and current QA/QC practices, the information is considered adequate for exploration-stage evaluation.

Based on the results of exploration completed to date, the Qualified Persons considers the Stockade Mountain Project to have characteristics consistent with a mineralized hydrothermal system and to warrant continued exploration. There is no certainty that further exploration will result in the delineation of a mineral resource or that any mineral resource identified will be economically viable.

Based on the results of exploration completed to date, the Qualified Persons recommend a phased exploration program with an estimated budget of approximately US$1,523,000 to advance the Stockade Mountain Project. The proposed program includes continued data compilation and interpretation, integration of geophysical data, geological mapping and target refinement, permitting activities, and a reverse circulation drilling program of approximately 12,000 feet to test priority targets. A water well is also planned to support drilling operations. The estimated costs for the recommended program are summarized in Table 1-1. Advancement of subsequent phases of work will be contingent on the results of the recommended program.

Table 1-1 Proposed Budget

2 INTRODUCTION

In March 2026, Ms. Barbara Carroll, BSc, CPG ("Ms. Carroll") and Mr. Robert Hatch, SME RM ("Mr. Hatch") were engaged by Austin Gold Corp. ("Austin Gold" or the "Company") (NYSE American: AUST) to prepare a Technical Report on the Stockade Mountain Project located in Malheur County, Oregon. Austin Gold's wholly-owned U.S. subsidiary, Austin American Corporation, is the operator of the Stockade Mountain Project.

Stockade Mountain is a classic low-sulfidation/hot springs gold and silver exploration-stage project with a history of significant exploration work in the late 1980s and early 1990s. At that time, targeted mineralization was near-surface gold deposits minable by open pit methods. Austin Gold is exploring beneath the known high-level gold/silver-bearing stockworks mineralization for high-grade vein deposits formed deeper in the hydrothermal system. Quartz/chalcedony veining is concentrated within rhyolite domes and associated volcanic units adjacent to northwest-trending structures interpreted to have acted as conduits for mineralizing fluids.

Since the 1990s, the Property has been explored by several companies, including Phelps Dodge, BHP- Utah, Carlin Gold, Placer Dome, La Cuesta International, The Electrum Group, and P2 Gold Inc. No NI 43- 101 compliant technical report has previously been completed for the Property.

This report has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Companion Policy 43-101CP, and Form 43-101F1 (NI 43-101).

2.1 Project Scope

The purpose of this report is to document the history, geology, and exploration activities of the Stockade Mountain Property and to summarize historical and current exploration results in accordance with the disclosure standards set forth in National Instrument 43-101.

Work completed for this report included compilation and review of historical exploration data, database review, technical evaluation, and preparation of this Technical Report.

This report is based on geological and historical information obtained from the sources documented in Section 27, References, and from information available in Company files. The report represents a compilation of proprietary and publicly available information. The Qualified Persons have relied upon data and reports prepared by current and previous operators, which appear to have been completed in a manner consistent with generally accepted exploration practices. Supporting documents are referenced in the History, Geological Setting and Mineralization, Deposit Types, Adjacent Properties, and References sections of this report.

For the purposes of this report, references to the Stockade Mountain Project, Property, or Claims refer to the "SM" claims held under mineral lease and option agreement with Bull Mountain Resources, LLC (BMR), as described in Section 4.2 of this report. Stockade Mountain is located in Malheur County, Oregon and appears on the Stockade Mountain USGS topographic quadrangle map.

Geographic coordinates presented in this report are referenced to the Universal Transverse Mercator (UTM) coordinate system, Zone 11, NAD27 datum, unless otherwise specified. Coordinates are reported in meters.

The quality of information, conclusions, and interpretations contained herein is consistent with the level of effort undertaken by the Qualified Persons based on: (1) information available at the time of preparation; (2) data supplied by the Company and third parties; and (3) the assumptions, conditions, and qualifications set forth in this report. Responsibility for disclosure remains with Austin Gold Corp.

2.2 Qualifications of Qualified Persons

The following individuals, by virtue of their education, experience, and professional association, are considered Qualified Persons (QP) for this report and are members in good standing of appropriate professional institutions.

These individuals serve as the Qualified Persons for this Report in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), Section 1.1 and the definition of Qualified Person:

• Ms. Barbara Carroll, AIPG CPG, SME RM of GeoGRAFX Consulting, LLC

• Mr. Robert Hatch, SME RM of Volcanic Gold & Silver LLC (and Vice President Exploration of Austin Gold Corp.)

The QPs have supervised the preparation of this Report and take responsibility for the contents of the Report as set out in Table 2-1.

Table 2-1 Report Contributors and Responsibilities

Ms. Barbara Carroll, of GeoGRAFX Consulting, LLC, is a Certified Professional Geologist (AIPG CPG #10987) in good standing with the American Institute of Professional Geologists and a Registered Member (SME RM #4100964) of the Society for Mining, Metallurgy & Exploration. She earned a Bachelor of Science degree in Geology from Northern Arizona University in 1975 and has over 40 years of professional experience in the minerals industry, including mineral exploration, project evaluation, and technical reporting. Ms. Carroll served as the Project Manager for the preparation of this report and is the QP responsible for the Executive Summary, Introduction, Reliance on Other Experts, Property Description, Accessibility & Infrastructure, History, Geology, Deposit Types, Sample Preparation (QA/QC), Data Verification, Metallurgical Testing, Adjacent Properties, Other Relevant Data, Interpretation & Conclusions, Recommendations, and References Sections (except as noted), as well as for the overall content of the report. Ms. Carroll is an independent consultant to Austin Gold Corp. and is independent of the Company as defined in Section 1.5 of NI 43-101. Email: bcarroll@geografxworld.com.

Mr. Robert Hatch is a Registered Member (SME RM #1362100) of the Society for Mining, Metallurgy & Exploration and has over 48 years of professional experience in mineral exploration, including the design and supervision of drilling programs, core logging, sampling procedures, QA/QC protocols, and exploration data management. Mr. Hatch served as the QP responsible for the Executive Summary, Geology, Exploration, Drilling, Sample Preparation (QA/QC), Interpretation & Conclusions, and Recommendations Sections (except as noted). Mr. Hatch is currently Vice President of Exploration for Austin Gold Corp. and is therefore not independent of the Company as defined in Section 1.5 of NI 43-101. Email: bob.hatch@austin.gold

The Stockade Mountain Project is an exploration-stage project and there are no Mineral Resources or Mineral Reserves on the Property at this time; accordingly, this Technical Report discloses historical and current exploration results only. Pursuant to Section 5.3 of NI 43-101, independence of a Qualified Person is not required for this type of filing. Accordingly, Mr. Hatch may act as a Qualified Person for the sections of the Report for which he is responsible.

Certificates of the Qualified Persons are provided in Appendix A.

Technical data and information used in the preparation of this Report include documents prepared by third-party contractors. Sources of information are cited in the text and listed in Section 27, References.

2.3 Details of Inspection

The Qualified Persons' mandate was to review and comment on substantive public and private technical documents and data listed in Section 27.0 and to prepare this Technical Report summarizing their observations, conclusions, and recommendations.

Ms. Carroll conducted a site visit to the Property on August 17, 2020. During that visit, she performed a field review of the Property geology, collected samples for comparison with historical sampling, and inspected access and exploration areas that were accessible at the time.

Mr. Hatch conducted numerous personal inspections of the Property in connection with the Company's recent drilling program during 2023 and 2024. During those inspections, he observed active drilling operations, reviewed drill core, logging and sampling procedures, and examined site infrastructure and access. Mr. Hatch has visited the Property on multiple other occasions between February 2021 and the present in his capacity as Vice President of Exploration for Austin Gold Corp. His most recent site visit occurred on September 23, 2025.

The Qualified Persons have relied on their respective site inspections together with their review of technical data and documentation provided by the Company in preparation of this Technical Report.

The Effective Date of this technical report is 2 March 2026, unless otherwise stated.

2.4 Sources of Information

The authors have relied on the data and information provided by Mr. Bud Hillemeyer and Mr. Nick Hillemeyer of BMR, for the completion of this report.

The authors have reviewed the sources of information below, which include publicly available information and personally acquired data.

• Research of mineral titles at https://reports.blm.gov/reports/MLRS on March 5, 2026.

• Research of mining regulations at https://www.blm.gov/programs/energy-and-minerals/mining-and-minerals/about/oregon-washington on March 5, 2026.

• Review of the company reports of previous operators.

• Review of pertinent news releases of Paramount Gold Nevada Corp., Atlas Minerals Inc., Triumph Gold Corp, Volcanic Gold & Silver LLC, and of other companies conducting work in the regional area.

• Review of relevant company reports and data of The Electrum Group, LLC. and La Cuesta International, Inc.

• Review of geological maps and reports completed by the Oregon Department of Geology and Mineral Industries (DOGAMI) or its predecessors and the United States Geological Survey.

• Research on water and surface rights, environmental considerations, endangered species and critical habitat of the project area.

• Research on access, local resources, infrastructure, physiography, and climate for the project area as required for the completion of this technical report.

• Review published scientific papers on the geology of the region, epithermal gold-silver deposits, and mineral deposits.

In addition, the authors have relied on information and technical documents listed in the References section of this report which are assumed to be accurate and complete in all material aspects. While the authors have carefully reviewed the available information provided, they cannot guarantee its accuracy and completeness.

2.5 Frequently Used Units, Symbols, and Conventions

The Stockade Mountain Project is located in the United States. The majority of the historical and recent reports and documents pertaining to the Property dominantly include Imperial units of measure. Where such units are discussed in this report, an effort has been made to also provide the equivalent metric conversion.

Analytical results are stated in percentage (%), parts per million (ppm), grams per metric tonne (g/t), ounces per ton (oz/ton, oz/st or opt), kilograms per tonne (kg/t) or parts per billion (ppb). Distances are in imperial feet (ft) or miles or centimeters (cm), meters (m) and kilometers (km). Area sizes are given in acres, hectares or square kilometers. Metric weight units include tonnes (T), kilograms (kg), and grams (g), while Imperial weight units are given in short tons (t).

The conversion of 'opt' values to 'ppm' (or g/t) values utilized the conversion 1 opt = 34.2857 g/t. Element abbreviations include Au (gold), Ag (silver), As (arsenic), Sb (antimony), and Hg (mercury).

Unless otherwise indicated, all references to dollars ($) in this report refer to currency of the United States.

A complete list of commonly used acronyms and abbreviations is provided in the References section of this Report.

3 RELIANCE ON OTHER EXPERTS

As described in Section 2.3, the authors of this report have relied upon information provided by Mr. Bud Hillemeyer and Mr. Nick Hillemeyer of Bull Mountain Resources, LLC (BMR) with respect to property ownership, claim status, and related land matters concerning the Stockade Mountain Property. Additional information has been provided by Austin Gold subsequent to executing the Mineral Lease and Option Agreement and Amendment To Mineral Lease and Option Agreement with BMR.

The authors are not qualified to provide legal opinions regarding the validity of mining claims, mineral title, private lands, mineral rights, or contractual agreements. While copies of title documents and agreements were reviewed as part of this study, the authors have relied upon information provided by BMR and Austin Gold regarding the legal status of the Property. The authors have assumed that the information provided is accurate and complete. This reliance applies specifically to the portions of this report addressing land tenure and title (Section 4: Property Description and Location).

The authors have not independently verified the legal status of the mining claims or conducted a legal due diligence review of title.

The authors are not experts in environmental, permitting, or socio-economic matters. Where such matters are referenced in this report, the information has been based on publicly available sources and information provided by BMR and Austin Gold. No independent environmental or permitting review was conducted as part of this technical report.

Except as specifically noted above, the authors have not relied upon other experts for technical conclusions related to geology, exploration results, sampling, or mineral potential.

This report was prepared for the exclusive use of Austin Gold Corp. It is intended to be read as a whole, and sections or parts thereof should not be relied upon out of context.

4 PROPERTY DESCRIPTION AND LOCATION

This section addresses the Project land holdings, corporate agreements, existing environmental liabilities and the permitting process.

Ms. Carroll is not an expert in land, legal, environmental, and permitting matters and expresses no opinion regarding these topics as they pertain to the Stockade Mountain Project. Sections 4.2, 4.3, 4.4, and 4.5 are based entirely on information provided to the Qualified Person by Austin Gold Corp. and its consultants.

4.1 Location

The project area is located in the Stockade Mountains, Malheur County, Oregon, 54 miles (86.9 km) southeast of Burns, Oregon (population ~2,783), 30 miles (48.2 km) south of Juntura, Oregon, and 100 miles (160.9 km) southwest of Boise, Idaho (Figure 4.1-1). The approximate geographic center of the Property is 43.33575250 North latitude by 118.0358853 West longitude, or in NAD 27, U.T.M. Zone 11S at 416,107 meters East by 4,798,420 meters North. 7.5 minute topographic maps that cover the area include Stockade Mountain, Crowley, and Hickey Basin.

Figure 4.1-1 Stockade Mountain Project Location Map

4.2 Land Tenure

The Stockade Mountain Project is located in T25S R38E Sec 27-34, T26S R38E Sec 1-5, 10, 12, 14 and T26S R39E Sec 07, 18 Willamette Meridian. It is situated on public lands administered by the United States Department of the Interior Bureau of Land Management (BLM). The Property covers approximately 10.51 square miles (27.2 km) and is comprised of 338 unpatented claims occupying 6,726 acres (2,722 ha).

Figure 4.2-1 shows the land status and configuration of the various mineral holdings comprising the Property.

4.2.1 Federal Lands

Ownership of unpatented mining claims on federal land is in the name of the holder (locator), subject to the paramount title of the United States of America, under the administration of the U.S. Bureau of Land Management. Under the Mining Law of 1872, which governs the location of unpatented mining claims on Federal lands, the locator has the right to explore, develop, and mine minerals on unpatented mining claims without payments of production royalties to the U.S. government, subject to the surface management regulation of the BLM. In recent years, there have been efforts in the U.S. Congress to change the 1872 Mining Law to include, among other items, a provision of production royalties to the U.S. government. Currently, annual claim maintenance fees are the only federal payments related to unpatented mining claims. BLM records of mining claims can be searched on-line at https://reports.blm.gov/reports/MLRS.

The located mineral claims were staked as lode claims on public lands administered by the BLM in accordance with BLM regulations which are documented online at https://www.blm.gov/programs/energy-and-minerals/mining-and-minerals/about/oregon-washington. The claims within the project area are located in the field with four substantial posts, projecting not less than three feet above the surface of the ground, and made of wood measuring not less than one and one-half inch by one and one-half inch, or by substantial mounds of stone, or earth and stone, at least two feet in height, one such post or mound of rock at each corner of such claims that conform to Oregon regulations. The unpatented mining claims have not been surveyed.

The Stockade Mountain Property consists of unpatented lode mining claims located on federal lands administered by the Bureau of Land Management. The first group of claims was staked by Bull Mountain Resources, LLC (BMR) in September 2016 and forms the basis of the Mineral Lease and Option Agreement described in Section 4.3.1. These claims carry the "SM" prefix and are recorded in the BLM Mineral & Land Records System (MRLS) as "Active" claims. According to the BLM database, these claims remain in good standing. Annual maintenance fees for these claims have been paid through the most recent filing period.

A second group of claims was staked by Austin American Corporation in 2024 within the area of interest defined in the agreement between Austin American Corporation and Bull Mountain Resources, LLC. Under the terms of that agreement, claims staked within the agreement area are considered part of the Property controlled by BMR. These claims currently appear in the BLM database with a status of "Filed", indicating that the claims have been recorded with the BLM but have not yet been adjudicated by the BLM. Annual maintenance fees for these claims have also been paid through the current filing period.

Figure 4.2-1 Land Status Map

Ms. Carroll prepared a Mineral Status Report for all claims based on BLM records current as of March 2026. A complete list of the claims included in the Property, together with their BLM serial numbers and status, is provided in Appendix B and shown on Figure 4.2-2.

Annual maintenance fees of US$200 per unpatented mining claim are due to the BLM on or before September 1 each year to maintain the claims. The next annual maintenance fees are due by September 1, 2026. Additionally, a notice of intent to hold (NOI) a claim or site needs to be filed with the clerk of Malheur County accompanied by a filing fee per claim/site within 30 days after the performance of labor or making of improvements, or making federal fee payments required by law to be annually performed or made upon any mining claim (ORS 517.210 Recording affidavit of annual compliance, 2026). Malheur county NOI filing is US$16 for first page (one claim), US$5 per additional page + US$5 for each additional claim listed after the first (https://www.malheurco.org/county-clerk/county-clerk-fee-schedule/).

Holding costs of the unpatented mining claims comprising the Stockade Mountain Property that were paid in 2025 were US$ 69,357 (Table 4-1).

Table 4-1 Annual Claim Holding Costs

Figure 4.2-2 Unpatented Lode Claims

4.3 Agreements and Encumbrances

4.3.1 Mineral Lease and Option Agreement with Bull Mountain Resources, LLC

On May 16, 2022, the Company entered into a mineral lease and option agreement with BMR through Austin American Corporation, to lease a 100% interest in the Stockade Mountain Property located in Malheur County, Oregon. The Stockade Property consists of 261 "SM" unpatented lode mining claims that cover an area of over 6,790 acres, located in Malheur County, Oregon that are held in the name of Bull Mountain Resources, LLC.

Under the terms of the agreement (Austin Gold Corp., 2022), the Stockade Lease is for a primary term of 35 years with the following work commitments:

The term of the agreement may extend past 50 years provided active mining operations are being conducted on the Property.

BMR will retain a 2% net smelter return royalty on claims owned 100% by BMR, and a 0.25% NSR royalty for third-party claims and/or fee lands acquired within an area of influence around the Stockade Mountain Property. Payments to BMR totaling US$10,000,000 in any combination of pre-production payments, production and minimum royalties shall reduce BMR's royalties on wholly owned claims by 50% from 2% to 1%. The 0.25% on third-party claims and/or fee lands acquired within an area of influence remain at 0.25%.

The Company is also required to make the following pre-production payments:

Each cash pre-production payment shall be credited against the future production royalties as an advance royalty.

On February 28, 2024, the Company executed an amendment to the mineral lease and option agreement with BMR eliminating the requirement of 2,000 meters of drilling by May 16, 2024, (Austin Gold Corp, 2026).

4.4 Water and Surface Rights

4.4.1 Water

The Stockade Mountain Project is located in the Lower Owyhee subbasin (see Figure 4.4-1). The subbasin is located in the southeastern-most corner of Oregon in Malheur county. It covers 1,268,900 acres.

A watershed is a geographic region designated by the United States Geological Survey (USGS) in which all forms of precipitation drain into streams or permeate into the ground water at the same place. Watersheds can provide a way of evaluating landscape and water relations based on the water flow through the system. The United States is divided into geographic units called hydrologic units based on drainage areas of rivers. The largest units, given first order hydrologic unit codes (HUC), are drained by a major river or series of rivers. These regions are further subdivided into areas drained by a river system. These areas in turn are split into smaller units. The lower Owyhee subbasin (hydrologic unit 17050110) is a 4^th order or 8-digit hydrologic unit. It is part of the Middle Snake Boise hydrologic accounting unit, which is a member of the Middle Snake hydrologic subregion which is in turn part of the Pacific Northwest hydrologic region.

Hydrologic units (watersheds)

Pacific Northwest (hydrologic region)

Middle Snake (hydrologic subregion)

Middle Snake-Boise (hydrologic accounting unit)

Lower Owyhee (hydrologic unit 17050110)

The identification of natural variables is an important facet in describing a watershed. The lower Owyhee subbasin is a semiarid desert. This scarcity of precipitation is a major determining factor in the functioning of the subbasin. The least rainfall falls in the months of July and August. The greatest precipitation is during the winter and early spring months. The months of July and August are also the hottest.

Most of the lower Owyhee subbasin lies within the Owyhee uplands. Since the Owyhee uplands are a semiarid desert with very few sources of perennial water, the landscape is primarily dissected by intermittent drainages and ephemeral streams which flow only following rainstorms or snow melt. The erosional processes which are forming the landscape follow major storm or storm on snow events. Runoff events are aggravated when the soil is frozen. Surface water availability for grazing animals is quite low because access to major rivers is largely constrained by cliffs. Although most of the water in the drainage comes as precipitation in the winter and spring months, there are some springs in the area. Surface water has been enhanced by stock ponds, pipelines and reservoirs (Owyhee Watershed Council and Scientific Ecological Services, 2008).

Springs suitable as sources for exploration drilling water may be available on site; however, more substantial quantities of water will be required for future exploration and development.

On February 28, 2025, the Company received permission from the Oregon Water Resources Department to drill a water well to produce water for exploration drilling and plans to drill the well to ensure water is available for future drilling campaigns.

Figure 4.4-1 Stockade Mountain Watershed

4.4.2 Surface Rights

4.4.2.1 BLM grazing allotments on Federal Lands

In Oregon and Washington, the BLM administers 1,596 ten-year permits and leases held by ranchers who graze their livestock (mostly cattle and sheep) on 2,003 allotments. The BLM Vale District is the largest grazing district and has the greatest number of allotments. Permits and leases generally cover a 10-year period and are renewable if the BLM determines that the terms and conditions of the expiring permit or lease are being met.

The grazing allotments in the Stockade Mountain Project area are managed by the Malheur Field office (ORV04).

Cattle grazing rights are available to local ranchers throughout the Stockade Mountain Project. It is recommended that Austin Gold coordinate their exploration activities on the BLM lands, to the extent possible, with the holders of grazing allotments so that neither party unreasonably interferes with the other's use, and that Austin Gold take reasonable precaution to fence cattle out of, and to enclose, drill holes and wastewater disposal sites.

4.5 Environmental, Reclamation and Permitting

4.5.1 Environmental Liabilities

There are no known environmental liabilities that are adversely impacting air, water or soil resources on the Stockade Mountain Project. However, it should be noted that the project area has been the subject of exploration activity since the 1990s and, as such, there are reclaimed drill roads and drill pads on the Property. It is not known to what extent, if any, the Company may be responsible for the reclamation of these existing workings. Any excavation representing a safety hazard to field personnel or livestock should be fenced and have the appropriate signage.

4.5.2 Environmental Considerations

The BLM's twenty-year-old National Conservation Lands currently includes over 906 units covering about 38 million acres designated by Congress and the President to conserve special features. Primarily located in the West, the BLM's National Conservation Lands consist of National Monuments, National Conservation Areas, Wilderness Areas, Wilderness Study Areas, Wild and Scenic Rivers, National Scenic and Historic Trails, and Conservation Lands of the California Desert. BLM Oregon-Washington manages National Monuments, National Scenic and Historic Trails, Wild and Scenic Rivers, Wilderness, and more unique National Conservation Lands. The BLM manages these public lands for the benefit of current and future generations, supporting conservation as a part of the BLM's multiple-use mission.

The designation of an Area of Critical Environmental Concern (ACEC) is to highlight areas where special management attention is needed to protect, and prevent irreparable damage to important historical, cultural, and scenic values, fish, or wildlife resources or other natural systems or processes, or to protect human life and safety from natural hazards (BLM Manual 1613, 1988).

There are no designated wilderness or Wilderness Study Areas (WSAs), Wild and Scenic Rivers (WSRs), or Research Natural Areas (RNAs) within or near the Stockade Mountain Project area. A portion of the Project lies within the BLM-designated Stockade Mountain Area of Critical Environmental Concern. The Stockade Mountain ACEC is approximately 649 acres in size. The Stockade Mountain ACEC is managed to preserve wildlife habitat and old growth western juniper/big sagebrush/bunchgrass communities within interspersed low sagebrush communities identified by the Oregon Nature Heritage Program (ONHP) (Hanley, Gonzalez, & Ryan, May 2019).

Figure 4.2-1 shows the location of the Stockade Mountain Project area in relation to the ACEC areas.

4.5.3 Endangered Species and Critical Habitat

The Federal Endangered Species Act of 1973 (ESA) (16 U.S.C.A. §§ 1531 et seq.) provides a program for the conservation of threatened and endangered plants and animals and the habitats in which they are found. Under the ESA, species may be listed as either endangered or threatened. "Endangered" means a species is in danger of extinction throughout all or a significant portion of its range. "Threatened" means a species is likely to become endangered within the foreseeable future. All species of plants and animals, except pest insects, are eligible for listing as endangered or threatened. For the purposes of the ESA, Congress defined species to include subspecies, varieties, and, for vertebrates, distinct population segments.

The ESA is administered by the U.S. Fish and Wildlife Service (USFWS) and the Commerce Department's National Marine Fisheries Service (NMFS). The USFWS has primary responsibility for terrestrial and freshwater organisms, while the responsibilities of NMFS are mainly marine wildlife such as whales and anadromous fish such as salmon. These agencies may list a species on their own initiative, or any interested person may submit a petition to have a species considered for listing. In either case, the ESA requires that the decision to include a species be based solely on the "best scientific and commercial data available," following a review of the status of the species that takes into account any conservation efforts being made to protect the species (§ 1533 (b)(1)(A)).

The law requires federal agencies, in consultation with the U.S. Fish and Wildlife Service and/or the NOAA Fisheries Service, to ensure that actions they authorize, fund, or carry out are not likely to jeopardize the continued existence of any listed species or result in the destruction or adverse modification of designated critical habitat of such species. The law also prohibits any action that causes a "taking" of any listed species of endangered fish or wildlife. Likewise, import, export, interstate, and foreign commerce of listed species are all generally prohibited.

4.5.3.1 Endangered Species

Information for Planning and Consultation (IPaC) https://ecos.fws.gov/ipac/ is a project planning tool provided by the Environmental Conservation Online System (ECOS) operated by the USFWS which identifies potential issues in a project area such as migratory birds, species proposed or listed under the Endangered Species Act, inter-jurisdiction fishes, specific marine mammals, wetlands, and Service National Wildlife Refuge lands.

ECOS (2026) indicates that for the Stockade Mountain Project area as of 5 March 2026, the following species are potentially affected by activities in this location:

INSECTS

There are no listed threatened or endangered species or critical habitat as defined under the Endangered Species Act (ESA) (USFWS, 2015) (31). There are no Bald and Golden Eagles or migratory birds of conservation concern expected to occur at the project location. There are no National Wildlife Refuge lands or fish hatcheries at this location.

4.5.3.2 Bald and Golden Eagles

Bald and Golden Eagles are protected under the Bald and Golden Eagle Protection Act and the Migratory Bird Treaty Act (MBTA). These statutes prohibit the take, possession, or disturbance of eagles, including impacts to nests and nesting territories.

Regional occurrence data compiled through the Avian Knowledge Network (AKN) indicate that no Bald or Golden Eagle observations have been recorded within the project area. However, the absence of recorded observations does not preclude the presence of eagles in the area, particularly in locations that may be under-surveyed.

A raptor survey conducted by Nexus Environmental Consultants, Inc. (2025) for Austin American Corporation identified one occupied golden eagle territory within a two-mile buffer of the Project. This territory is located approximately 1.9 miles east of the southeastern Project boundary and includes at least three nests, consisting of one occupied nest (CC-03-B) and two alternate nests (CC-03-A and CC-03- C). Nest CC-03-B was occupied during both survey years and successfully produced at least one fledgling in 2025. Nest productivity was not monitored in 2024.

One additional nest (CC-02-A) located within the survey area was occupied by a long-eared owl in both survey years. Nest productivity for this species was not monitored.

4.5.3.3 Migratory Birds

Migratory birds are protected under the Migratory Bird Treaty Act, which prohibits the take of protected species, including killing, capturing, or disturbing active nests, without authorization from the U.S. Fish and Wildlife Service.

Project-specific species occurrence data derived from the Avian Knowledge Network indicate that no migratory birds of conservation concern have been recorded within the project area. These datasets are based on available survey, banding, and observational records within the relevant geographic grid cells.

The absence of recorded species of conservation concern does not indicate that migratory birds are not present in the project area, particularly where survey coverage may be limited. Suitable habitat within the project area may support migratory bird species on a seasonal basis.

4.5.3.4 Sage Grouse Habitat

Federal and state agencies have implemented land management strategies across the western United States to conserve Greater Sage-Grouse (Centrocercus urophasianus) habitat while allowing continued multiple use of public lands. In 2015, the Bureau of Land Management and U.S. Forest Service adopted land use plan amendments establishing conservation measures for sage-grouse habitat across ten western states. These plans introduced habitat management designations and management measures intended to reduce surface disturbance and maintain habitat connectivity.

During this period, the Department of the Interior also proposed withdrawal of approximately 10 million acres of Sagebrush Focal Areas (SFAs) from location and entry under the United States mining laws. The withdrawal application was later canceled in October 2017, and the affected lands remained open to mineral entry subject to valid existing rights and applicable federal land management regulations (Nedd, 2017).

Subsequent revisions to the sage-grouse management plans were proposed in 2019 but were subject to litigation and administrative review. The BLM has since completed updated range wide planning, and in January 2025 issued a Record of Decision (ROD) approving Resource Management Plan Amendments for Greater Sage-Grouse conservation in Oregon and Colorado. These amendments update management direction for sage-grouse habitat on BLM-administered lands while maintaining a coordinated approach with state wildlife agencies and other stakeholders (Bureau of Land Management, 2025)

Sage-grouse populations in Oregon are managed using habitat designations developed by the Oregon Department of Fish and Wildlife (ODFW), including Core Habitat Areas, Low Density Habitat Areas, and Priority Areas for Conservation (PACs). PACs represent landscapes that support important breeding populations and are used as the primary framework for conservation planning and population monitoring. The Crowley PAC is located in central Malheur County within the Vale District of the BLM and encompasses multiple known sage-grouse lek complexes. Habitat mapping used by the BLM for land management planning incorporates the ODFW Core and Low Density habitat designations and forms the basis for Priority Habitat Management Areas (PHMA) and General Habitat Management Areas (GHMA). GHMA represents additional seasonal or transitional habitats and are managed to support sage-grouse populations while allowing greater flexibility for land use activities. These are identified in the 2025 Greater Sage-Grouse Resource Management Plan Amendments Record of Decision (Bureau of Land Management, 2025). Figure 4.5-1 shows Greater Sage-Grouse habitat (GRSG) areas near the Stockade Mountain Project, including PHMA and GHMA. The ODFW online Development Siting Tool (2017) indicates that the Project area is within or adjacent to GRSG habitat.

During recent decades, wildfire has affected portions of sagebrush habitat within the Vale District of the Bureau of Land Management in eastern Oregon. During the summer of 2014, the Saddle Draw wildfire, part of the Buzzard Complex, burned over 280,000 acres of rangeland in portions of Harney and Malheur counties, including areas near the Crowley PAC (Figure 4.5-1). Wildfires in sagebrush ecosystems can temporarily reduce shrub cover and alter habitat conditions used by Greater Sage-Grouse until vegetation recovery occurs. Habitat condition is described by the ecological states (Ecostates) that express current vegetation composition and level of threat from invasive annual grasses, wildfire, and juniper encroachment. The specific effects of this wildfire on sage-grouse populations or habitat conditions in the immediate project area are not known.

Figure 4.5-1 Greater Sage Grouse Habitat

The Stockade Mountain Property is located entirely within General Habitat Management Area for Greater Sage-Grouse habitat and lies approximately one mile south of the Crowley PAC (Figure 4.5-1). Potential impacts of future exploration activities on sage-grouse habitat have not been evaluated, as no site-specific environmental baseline studies have been conducted for the Property. Prior to undertaking additional exploration activities, it is recommended that the operator consult with the Bureau of Land Management regarding applicable requirements for avoiding, minimizing, or mitigating potential impacts to sagebrush habitat.

4.5.3.5 Wetlands

Impacts to National Wetlands Inventory (NWI) and other aquatic habitats may be subject to regulation under Section 404 of the Clean Water Act, or other state and federal statutes. Figure 4.5-2 shows the Stockade Mountain Project in relation to the wetland areas.

Based on the available NWI mapping, wetlands and other aquatic features occur locally within the broader project area; however, these features appear to be limited in extent and are not expected to represent a significant constraint to future exploration activities, although site-specific verification and permitting may be required if disturbance of jurisdictional waters is proposed.

Figure 4.5-2 Stockade Mountain Wetland Areas

4.5.3.6 Conclusions

Austin Gold has not completed a comprehensive environmental or permitting review of the project area; therefore, unknown challenges related to permitting and conducting exploration, development, or mining activities may exist.

Based on currently available information, no federally listed threatened or endangered species or designated critical habitat have been identified within the project area. However, proposed species, including the monarch butterfly and Suckley's cuckoo bumble bee, have been identified at a regional level and may require consideration during future permitting.

The project area is located entirely within mapped Priority Habitat Management Area for Greater Sage- Grouse, and an active golden eagle territory has been documented within approximately two miles of the Property boundary. These factors indicate that wildlife habitat considerations will be an important component of future permitting and project planning, particularly with respect to timing restrictions, disturbance limitations, and consultation requirements.

Although no wildlife management issues have been identified that would preclude exploration activities, regulatory requirements related to sage-grouse habitat, raptor protection, and migratory birds may impose constraints on the timing and scope of such activities.

It is recommended that Austin Gold consult with the Bureau of Land Management and other relevant agencies to identify applicable requirements for avoiding, minimizing, and mitigating potential impacts to wildlife habitat in advance of future exploration activities on BLM-managed lands.

4.5.4 Access

In the project area, access to the unpatented mining claims is provided by existing public roads, roads crossing private lands, and roads located on BLM lands. Use of roads across BLM lands is governed by BLM rules and policies under the Federal Land Policy and Management Act (FLPMA). Applicable BLM regulations are found in Title 43 of the Code of Federal Regulations (CFR), Parts 3700 and 3800.

Future exploration activities on the Property may require the use of local ranch roads that cross private lands. At present, there is no formal written access agreement with the relevant landholders for the use of these roads. Historically, these roads have been used for local access; however, any future exploration work that requires their use should be coordinated with the respective landowners. Gates encountered along these roads must be opened and closed as required, and any use of the roads should be conducted with the permission of the landowners and with appropriate maintenance during exploration activities.

Local access to the project area is attained by a network of unimproved dirt roads and primitive jeep trails maintained, in part, by the U.S. Bureau of Land Management. Road travel is generally restricted to four-wheel-drive vehicles. The approved BLM Exploration Notice for the Stockade Mountain Project also authorizes the construction of short temporary access roads associated with drill pads and exploration drilling activities. These access routes would be used during drilling operations and reclaimed in accordance with BLM surface management regulations.

4.5.5 Permitting

Drilling and associated road building on BLM lands disturbing less than 5 acres requires a "Notice" of the planned operations. In Oregon, an "Exploration Permit" from the Oregon Department of Geology and Mineral Industries (DOGAMI) is required for exploration where drilling exceeds 50 feet in depth or the operations disturb more than one acre.

4.5.5.1 Bureau of Land Management

The U.S. Department of the Interior, Bureau of Land Management, administers mineral access on federal public lands on which the Project is located under the General Mining Law of 1872.

BLM's regulations describe three categories of use on federal lands:

(1) casual use,

(2) activities that exceed casual use but disturb less than 5 acres, and

(3) operations that exceed casual use that will disturb more than 5 acres.

No permit is required for casual use exploration (i.e., non-mechanical activities), such as geological mapping, geochemical sampling, or geophysical surveying conducted without surface disturbance.

Exploration activities disturbing five acres or less require submission of a Notice to the BLM. The BLM reviews such Notices and may require additional review under applicable federal laws, including the National Environmental Policy Act, National Historic Preservation Act, and Endangered Species Act, prior to approving the proposed activities.

Surface disturbance exceeding a total of 5 acres or occurring within certain special designation areas, including Areas of Critical Environmental Concern, requires submission and approval of a Plan of Operations. Portions of the Stockade Mountain Project are located within a designated ACEC. Accordingly, exploration activities involving surface disturbance greater than casual use within these areas would require approval of a Plan of Operations.

Where a Plan of Operations is required, the operator hires contractors to conduct biological, animal species, and cultural baseline studies, the results of which are submitted to the BLM. The BLM then conducts an environmental review, which may include preparation of an Environmental Assessment or Environmental Impact Statement. Approval is contingent upon compliance with applicable regulatory requirements.

Use of roads across BLM lands is governed by BLM rules and policies under the Federal Land Policy and Management Act. The BLM also requires the posting of bonds for reclamation for any surface or subsurface disturbance caused by more than casual use (43 CFR 3809.500 through 3809.560).

The BLM field office with jurisdiction over the project area is the Vale District Office, located at 100 Oregon Street, Vale, Oregon 97918. This office provides guidance regarding allowable exploration activities and establishes reclamation bonding requirements associated with mineral exploration.

4.5.5.2 Oregon Department of Geology and Mineral Industries

The Oregon Department of Geology and Mineral Industries (DOGAMI) is an independent state agency, established in 1937, responsible for regulating mineral exploration and surface mining activities in Oregon. Its Mineral Land Regulation & Reclamation (MLRR) program administers permitting and reclamation requirements intended to minimize environmental impacts associated with mining activities specifically for sites exceeding one acre of disturbance or 5,000 cubic yards of excavation within a 12- month period. The three types of surface mining approvals that DOGAMI issues include Operating Permits for significant mining, requiring reclamation plans, Exploration Permits for operations that disturb more than one surface acre and/or involve drilling to greater than 50 feet, and Exclusion Certificates for small-scale, short-term mining (less than 5,000 cubic yards and less than one acre).

4.5.5.3 Current Permits

In October 2022, Austin American Corporation submitted an Exploration Notice to the Bureau of Land Management, Vale District, Malheur Field Office (BLM Case File OROR-71670) for the Stockade Mountain Project (BLM Case File OROR-71670) to conduct exploration drilling on unpatented mining claims in Malheur County, Oregon.

The approved program initially included up to 16 drill holes and associated pads. In May 2024, an amendment to the Notice was submitted and approved in June 2024, reducing the program to 10 drill holes and modifying the disturbance footprint. The amended program results in a total surface disturbance of approximately 4.63 acres, which is within the threshold for Notice-level operations under 43 CFR 3809.

The BLM required a reclamation financial guarantee of $31,310 for the approved program. The Notice authorization remains valid for a period of two years from the date of amendment approval. Approval for access road construction and drilling activities was granted by the BLM in the fourth quarter of 2022.

Exploration activities in Oregon that create surface disturbance also require approval from DOGAMI. In October 2022, Austin American Corporation submitted an Exploration Permit Application to DOGAMI under ORS 517.702-517.901. The application included the required forms, a non-refundable application fee of $2,000, and an Exploration and Reclamation Plan. DOGAMI required an exploration bond of $43,252 for the proposed activities. The Exploration Permit was approved in the third quarter of 2023.

Based on the above, the permits required to construct access roads and conduct the approved exploration drilling program have been obtained.

Future exploration activities that exceed the scope or disturbance limits of the approved Notice may require modification of the existing Notice or submission of a Plan of Operations, depending on the nature and extent of the proposed work.

4.5.6 Reclamation

In Oregon, reclamation bonding for roads and drill sites is typically required by both the BLM and the DOGAMI. A review of BLM records indicates that reclamation associated with historical drilling programs conducted by BHP-Utah International, Phelps Dodge, and Placer Dome has been completed. Drill pads and access roads from these programs have been reclaimed.

No permitted work was conducted on the Property between the completion of the historical drilling programs in 1993 and approval of the current BLM Exploration Notice for the Stockade Mountain Project in October 2022.

As of December 31, 2025, the Company maintains reclamation surety bonds of $38,863 with the BLM and $43,252 with DOGAMI in support of the reclamation requirements of the approved exploration program.

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

This section summarizes the physical setting of the Stockade Mountain Property, including access routes, regional infrastructure, physiography, and climate conditions relevant to mineral exploration and potential development.

The information summarized in this section is derived from publicly available sources, as cited. The Qualified Person has reviewed this information and believes the summary to be materially accurate.

5.1 Access

The Stockade Mountain Property is located in the Stockade Mountains approximately 54 miles southeast of Burns, Oregon, the county seat of Harney County.

Primary access to the project area from Burns is by taking Highway 78 approximately 29 miles southeast to Crane, then the wide, graveled Crane-Venator Road about 29 miles to the Whisky Creek Road turnoff. The Whisky Creek Road and another dirt road lead directly to the northwest end of the project area and consist of approximately 11.5 miles of good dirt road, but which can get muddy during wet weather.

Access to the east side of the project area is via the Crane-Venator Road to the Swamp Creek Road and then southeasterly 9.5 miles on the Crowley-Riverside Road to a dirt road that leads southwesterly into the Property. Travel time from Burns to the project area is approximately 2.5 hours via either route.

Four-wheel-drive roads provide access to the Property and allow exploration access to the project area.

Air access to the region is available via Burns Municipal Airport, a level 3 industrial zoned general aviation airport, located approximately 48 miles northwest of the project area.

5.2 Local Resources and Infrastructure

The closest significant towns to the project area are adjoining Burns and Hines, Oregon, full-service ranching and farming communities that have multiple options for lodging, RV parks, restaurants, fuel, rental equipment, and spare parts. Burns has a population of approximately 2,689 (2024) and Hines has a population of approximately 1,621 (2024). Juntura, located in Malheur County, Oregon (population approximately 57), provides limited services including a small motel with RV spaces and a restaurant.

A trained mining and industrial workforce is available in Boise, Idaho, approximately 100 miles (161 km) northeast of the project area. Boise also provides access to mining and industrial equipment suppliers, engineering services, telecommunications infrastructure, medical facilities, banking, and a regional commercial airport with daily air service to larger western transportation hubs such as Denver and Salt Lake City.

Springs suitable as potential sources of water for exploration drilling occur on and near the Property. However, Austin intends to drill a water well on a permitted drill site to provide a reliable water source for exploration drilling. The well permit has been obtained through the Oregon Water Resources Department and is intended to minimize potential conflicts with local ranching activities in the area. Additional water required for potential future development may be available from surface or groundwater sources in adjacent valleys.

The claims cover approximately 6,726 acres and include areas potentially suitable for future mining infrastructure such as access roads, waste rock storage areas, heap leach facilities, processing facilities, and other supporting infrastructure.

5.3 Physiography

The Stockade Mountain Project lies within the High Lava Plains and the Owyhee Uplands and Canyons subregion of the Northern Basin and Range ecoregion. Ecoregions represent areas where ecosystems and environmental resources are generally similar. This classification framework was developed by Omernik (1987) and further refined through collaborative mapping efforts involving the U.S. Environmental Protection Agency, other federal agencies, and state resource management organizations.

The High Lava Plains are characterized by a relatively flat to gently undulating volcanic plateau drained by ephemeral and intermittent streams. The adjacent Owyhee Uplands and Canyons subregion is characterized by more rugged terrain with dissected hills and steep slopes. Figure 5.3-1 illustrates the relationship between these ecoregions and the project area (Thorson, 2003).

Figure 5.3-1 Stockade Mountain Ecoregion Map

In the project area, as shown in Figure 5.3-2, topography is generally gentle with local relief ranging from approximately 500 to 1,000 feet between pediments and ridge crests. Bedrock exposure varies from common along ridges and dry drainages to sparse along some ridge flanks. Rhyolite and basalt commonly form resistant outcrops, whereas opalite-chalcedony and tuff breccia units tend to be less resistant and more subdued in outcrop expression. In most locations, bedrock occurs within a few feet of the ground surface unless locally covered by Tertiary-Quaternary gravels or recent landslide debris (Mejstrick & Dodd, 1993).

Vegetation in the project area consists primarily of Wyoming big sagebrush, basin big sagebrush, Douglas rabbitbrush, bluebunch wheatgrass, Idaho fescue, bottlebrush squirreltail, Sandberg bluegrass, and cheatgrass. Higher ridges and sheltered areas support scattered western juniper. The area is used seasonally for cattle grazing from spring through fall. Cheatgrass has replaced depleted bunchgrasses in burned and overgrazed areas.

Figure 5.3-2 Typical Physiography of the Project Area

5.4 Climate

The climate of the project area is semi-arid continental, typical of southeastern Oregon. Summers are generally short, warm, and dry, while winters are cold with variable snowfall and precipitation.

Published climate data specific to the Stockade Mountains are limited. Climate conditions at Burns, Oregon, located approximately 54 miles northwest of the project area, provide a representative regional proxy. Based on long-term climate records, temperatures typically range from approximately 16°F in winter to 87°F in summer. Average annual precipitation is approximately 10.9 inches (NOAA climate normals; regional climate summaries).

Snowfall may limit access during winter months, typically from December through April. Seasonal precipitation may also temporarily affect road conditions. Exploration activities such as drilling may therefore be seasonally constrained. Potential future mining operations would likely be feasible year- round with appropriate road maintenance and snow removal.

6 History

6.1 Previous History

In the region, geologic exploration of the Owyhee uplands lagged far behind that in other areas of Oregon. This was due partly to its harsh climate, the rough black basalt landscape, its lack of gold or silver discoveries and its physical isolation from wagon routes crossing the state (Orr & Orr, 2012).

Prior to prospecting by Carlin Gold and others in 1987, there is no record of exploration activity at Stockade Mountain (Spatz, 1991).

6.2 Stockade Mountain Recent History

There was renewed interest in the region in the late 1980s as exploration companies pushed northward from Nevada into Idaho and Oregon looking for near surface, open pittable, heap leachable gold mineralization. The Stockade Mountain Property and adjoining areas were explored by companies such as Phelps Dodge, BHP-Utah, Placer Dome, and Carlin Gold in the late 1980s and early 1990s, After about a 20-year hiatus, La Cuesta International, The Electrum Group, and P2 Gold Inc. conducted exploration on the Property from 2014 to 2021 prior to Austin Gold's involvement.

Between 1989 and 1993, over 1,140 soil samples were collected on the Stockade Mountain Property and surrounding areas by BHP-Utah and Phelps Dodge. Over 800 rock chip samples were collected by Carlin Gold, BHP-Utah, Phelps Dodge, and Placer Dome. BHP- Utah, Phelps Dodge and Placer Dome conducted reconnaissance level mapping on their claims. Both Phelps Dodge and Placer Dome performed detailed mapping on selected areas within their claim blocks. An inventory of known drilling totals 29,310 feet in 57 reverse circulation holes drilled by Carlin Gold, BHP-Utah, Phelps Dodge, and Placer Dome to explore and define near-surface gold mineralization on Austin's leased claims and adjacent private property. Newmont examined the Carlin Gold claims and ran a single Jerome mercury line on the Property. VLF geophysical surveys were performed by both BHP-Utah and Placer Dome to delineate subsurface structures. To date, limited metallurgical surveys have been conducted at the Stockade Mountain Project area.

La Cuesta International, Inc. (LCI) and The Electrum Group LLC (TEG) recognized Stockade Mountain as a high level low-sulfidation epithermal gold system based on their geologic mapping, surface sampling and review of previous work. From 2014 through 2017, they collected over 350 rock chip samples, and LCI completed a 1:10,000 reconnaissance geologic map covering most of the Stockade Mountain Project Area. TEG and their contractors compiled the previous mapping into a GIS database and completed outcrop maps at a scale of 1:1,000.

Table 6-1 Documented Recent Work in the Stockade Mountain Area

The existing database consists of geological reports (often only fragments), maps and drill data dating back to the 1990s from various exploration companies looking for mid-tertiary hot spring gold deposits. The data found to date is incomplete and can only be used as it exists. Much of the information on drilling done in the 1990s comes from more recent reports, not original documents. The drill data does not cover all holes drilled, so total footage and other drill data are only approximations. It is possible that other unknown companies have evaluated the area. A summary of the companies involved with the Stockade Mountain Property and surrounding areas and the work carried out is taken largely from (Mejstrick & Dodd, December 1993) with additional details listed below.

6.2.1 1989 - 1992 Carlin Gold

Carlin Gold produced a sketch map of the Property and collected 123 rock chip samples within their claim block from 1989 through 1992. TKS Consulting (Smith, 1989) reported it conducted preliminary geologic and geochemical reconnaissance at Stockade Mountain.

In 1992, six reverse circulation holes were drilled in a fence pattern in opalite-chalcedony mineralization in the SE quarter of Section 32 and one hole was drilled to evaluate covered mineralization in the NW quarter of Section 33 for a total of 2,860 feet (Mejstrick & Dodd, December 1993).

6.2.2 1990 BHP - Utah International

BHP-Utah leased the Carlin Gold claims and the McEwen private land during 1990. Reconnaissance mapping was conducted at a scale of 1" =500' over a several square mile area. Three-hundred-twenty rock chip samples and 1,065 soil samples were analyzed for Au, and in some cases Ag, base metals and trace elements. Thirty-six stream sediment samples also were analyzed. A VLF survey was conducted in the area of the rhyolite dome peripheral to the project area. Eighteen reverse circulation rotary holes with a total of 6,205 feet were drilled in a two phase program.

6.2.3 1990 - 1992 Phelps Dodge

Phelps Dodge leased the Talbot and Snyder claims from 1990 to 1992. Mapping within the claim block was conducted at scales of 1" =400' and 1" =200'. Several hundred rock and soil samples were analyzed for Au, Ag, base metals and trace elements. Twenty-two reverse circulation rotary holes with a total of 9,305 feet were drilled in a two-phase program in 1990 and 1991.

6.2.4 1992 Newmont Exploration

Newmont reviewed the Property as a submittal from Carlin Gold in 1992. A single Jerome mercury line 10,000 feet long was run from the rhyolite dome in Section 4 southeast to the dome in Section 11. Anomalous mercury was identified only near the rhyolite domes.

6.2.5 1993 Placer Dome

All Placer Dome exploration was completed during 1993. The Property was mapped at a scale of 1" = 500' with detailed mapping at a scale of 1" = 200' for a 2.5 square mile area in the northern part of the claim block. Sixty-eight rock samples were analyzed for Au, Ag, base metals and trace elements. A geophysical resistivity survey was conducted on a 1,600' x 2,400' grid with 200 foot line spacing and 50 foot station spacings on opalite-chalcedony mineralization in the SE quarter of Section 32 and the SW quarter of Section 33. Several isolated reconnaissance lines also were evaluated. Ten reverse circulation holes were drilled for a total of 4,330 feet. Geologic data from earlier investigations were evaluated and incorporated into Placer Dome target concepts.

6.2.6 2014-2016 La Cuesta International

After a 20-year hiatus in exploration on the Property, Stockade Mountain was first identified as an exploration project of interest by La Cuesta International, Inc. in July 2014. LCI was conducting grassroots exploration in the Owyhee region at the time under a consulting agreement with The Electrum Group LLC. As part of their regional evaluation, LCI had assembled exploration-relevant data on 1:250,000 scale AMS sheet geologic base maps and overlays. Their compilation work showed that the Stockade Mountain area is located to the west of the intersection of the prominent WNW Burns- Mahogany Lineament and the NNE-trending Fields Lineament. In addition, LCI was attracted to the area by the fact that the Burns-Mahogany Lineament is the loci for a number of elongate WNW silicic volcanic vents and dome fields that LCI felt could potentially drive important paleo-hydrothermal fields.

After multiple visits to Stockade Mountain by LCI and after completing reconnaissance-scale mapping and sampling, the Property was recommended for acquisition to TEG. Stockade Mountain became an accepted Property under the term of the LCI-TEG consulting agreement and TEG began locating a total of 292 "SM" lode mining claims on September 6, 2016. TEG reduced their land holdings at Stockade Mountain to 261 claims and then informed LCI on April 28, 2020, of its intention to abandon the Project. Under the terms of the LCI-TEG consulting agreement, LCI had the right to reclaim ownership to the claims and on May 15, 2020, the 261 SM claims were quitclaimed to a newly formed company, Bull Mountain Resources, LLC.

6.2.7 2016-2020 The Electrum Group

In addition to La Cuesta's sampling efforts of 2014 and 2016, additional sampling and reconnaissance efforts by Electrum personnel (L. Buchanan) resulted in TEG's selection of Stockade as a project. A follow up detailed mapping program was initiated in October of 2016; this program took the form of rock sampling coupled with selective area larger scale geological, alteration, and mineralization mapping at scales of 1:5,000, 1:2,000 and 1:1,000. The field mapping and rock sampling efforts by L. Buchanan and I. Nelson along with field assistance from X. Buchanan in late 2016 resulted in an enhanced understanding of the geology. The mapping results are available in four 1:2,000 scale plot sheets, and accompanying cross sections plotted in UTM projection, 1927 datum zone 11. The project currently has a total of 251 modern multi - element rock assay sample results - most of which are vein / mineralized or structural samples (Nelson, Feb 2017).

6.2.8 2020-2021 P2 Gold (formally Central Timmons Exploration)

On July 10, 2020, P2 Gold signed a mineral lease and option agreement with BMR, an arm's length private company, to lease a 100% interest in the Stockade Property.

P2 Gold completed airborne geophysical surveys at the Stockade Property and compiled the historical data and drill hole information.

In October 2021, P2 Gold terminated the mineral lease for the Stockade Property and the Stockade Option Agreement (P2 Gold, 2022).

6.3 Data Compilation

6.3.1 P2 Gold 2020-2021

GeoGRAFX Consulting, LLC ("GeoGRAFX") was contracted to create a verified digital GIS database of land status, geology, assay data, drill hole information, and surface geochemical data for the Stockade Mountain Project. GeoGRAFX also conducted multi-element analysis of the historical geochemical data to identify patterns, anomalies, and relationships within the historical dataset.

The original data were received from Bud Hillemeyer of Bull Mountain Resources following execution of a lease agreement with P2 Gold in 2020. The dataset included unverified spreadsheets, MapInfo files, and .pdf documents containing drill-hole collar information and down-hole assay data, primarily derived from original laboratory certificates, as well as surface geochemical data. Most other historical information consisted of scanned paper maps, sections, logs, memoranda, and other materials produced by previous operators including:

• Surface geochemistry locations for soil, rock, and stream samples were compiled from MapInfo files and scans of hardcopy maps. More than 2,500 surface samples were attributed with locations and assay values.

• The drill hole database included a total of 57 historical drill holes. Drill hole collar locations were digitized from historical maps and reviewed using Google Earth imagery. Laboratory certificates and drill-hole logs were used to validate a large portion of the historical drill-hole assay data.

• Surface geologic mapping completed by various companies which was rectified into a common projection system and compiled into a MapInfo workspace.

GeoGRAFX utilizes both ArcGIS and MapInfo/Discover as a software platform for spatial-analysis based review of the compiled geologic, drill, and soil and rock geochemical data.

The following section describes procedures that GeoGRAFX Consulting completed to validate and verify the Stockade Mountain databases.

6.3.1.1 Surface Sample Locations

The majority of historical maps for the Stockade Mountain Project used 7.5-minute topographic maps as the base. The relevant maps covering the area include the Stockade Mountain, Crowley, and Hickey Basin quadrangles. Historically, these maps were registered in NAD27 Zone 11, and this projection was used to register the historical maps during the compilation process.

Sample location points were digitized using the MapInfo/Discover platform. Attributes included Sample ID, Easting, Northing, Sample Type, Company, and File Source. None of the sample locations were verified in the field.

A discrepancy exists between the sample locations shown on the Phelps Dodge 1" = 400' Geology and Sample Locations map and the 1" = 200' South Target Area Sample Locations and Geology insert, with differences of up to approximately 100 feet between locations on the two maps. Ms. Carroll accepted the locations shown on the 1" = 400' map as the primary reference and used the insert to verify the Sample ID field where labels on the larger map were difficult to read.

6.3.1.2 Assay Data

Assay certificate values were obtained using Optical Character Recognition software applied to the .pdf files supplied by Bull Mountain Resources. These values were merged into Excel spreadsheets suitable for creating a GIS database. The values were subsequently reviewed by a third party, and errors were corrected prior to merging the data into the database.

Attributes included fields such as SampleID, Easting, Northing, Line, Station, File Source, Laboratory, Date, Certificate Number, and Notes.

Several of the assay certificate files contained missing pages in the supplied .pdf documents:

6.3.1.3 Drill Hole Database Compilation

GeoGRAFX utilized MapInfo/Discover GIS software to manage the drill hole database. The database was validated using the built-in validation functions within the MapInfo/Discover modeling software. These functions check for drill hole name mismatches, missing data, overlapping sample intervals, and discrepancies in end-of-hole depth values.

The following checks were performed on the dataset:

• Collar Table: Verification that all required fields are present; checks for duplicate hole IDs; comparison of collar coordinates in the collar table with mapped collar locations; checks for zero coordinate values; and verification that no two collars share the same location.

• Survey Table: Verification that no two survey entries for the same drill hole share the same depth value; comparison of the survey file end-of-hole depth with the collar file end-of-hole depth; confirmation that the survey file does not exceed the collar file depth; verification that survey file collar names match those in the collar table; checks that dip values fall within the ±90° range and conform to the drill hole project setup; and verification that azimuth values fall within the 0°-360° range.

• Downhole Tables: Checks to confirm that sample intervals do not overlap; comparison of sample depths with the end-of-hole value in the collar table to ensure the downhole table does not exceed total depth; verification that downhole table collar names match those in the collar table; and checks for duplicate sample numbers.

6.4 Geological Mapping

Several generations of surface mapping have been carried out since the 1990s, ranging from preliminary regional mapping by TKS Consulting to more recent mapping by the Electrum Group and La Cuesta International. The primary references for regional scale mapping is Corcoran (1969) for the geology of the Owyhee Upland Province. There are a large number of detailed geological maps for the Stockade Mountain area in unpublished files from previous operators. The most comprehensive map of the area is a set of four maps by The Electrum Group. Isaac Nelson and La Cuesta International also produced a large number of detailed maps.

6.4.1 1990 Carlin Gold

In 1990, TKS Computing produced a 1"-2,000' Preliminary Reconnaissance level geologic map and geochemical sample location map with associated cross sections for Carlin Gold. The map is included in the data set.

6.4.2 1990 BHP- Utah International

Reconnaissance mapping was conducted at a scale of 1" =500' over a several square mile area. This map is included in the data set.

6.4.3 1990 - 1992 Phelps Dodge

Mapping within the claim block was conducted at scales of 1" =400' and 1" =200'. These maps are included in the data set.

6.4.4 1993 Placer Dome

The Property was mapped at a scale of 1" =500' with detailed mapping at a scale of 1" =200' for a 2.5 square mile area in the northern part of their claim block. While there is reference to these maps in company reports, the map is not included in the current data set.

6.4.5 2014-2016 La Cuesta International

La Cuesta International, Inc. collected 107 rock samples and 3 stream sediment samples and conducted reconnaissance-scale geologic mapping during the periods of 15-18 July 2014, 9-13 July 2015 and 17-20 May 2016. LCI compiled their work onto a variety of sample location maps, geochemical thematic plots and on a 1:10,000 reconnaissance geologic map covering most of the Stockade Mountain area (Hillemeyer and Durning September 2, 2014; Hillemeyer and Durning, March 3, 2016; and Durning and Hillemeyer September 20, 2016).

6.4.6 2016-2020 The Electrum Group

Compilation of previous mapping was completed by Nelson in 2016. Outcrop mapping at 1:1,000 scale was completed by L. Buchanan, with field assistance by X. Buchanan during the period 1-5 August and 4- 6 October 2017. The field mapping in the Craters target area at the NW end of the Company's Stockade Mountain Project covers parts of Section 32, 33 T25S R38E and Section 4 T26S R38E (Buchanan & Buchanan, October 2017).

6.5 Surface Sampling and Trenching

Between 1989 and 1993, BHP-Utah and Phelps Dodge collected more than 1,140 soil samples across the broader project area, of which 377 samples were located within the Stockade Mountain Project. Figure 6.5-1 shows the compilation of the soil samples taken by the different companies on the Property.

Figure 6.5-1 Soil Sample Locations

Between 1989 and 2017, over 1,151 rock chip samples were collected on the Stockade Mountain Property (554 samples) and surrounding areas by Carlin Gold, BHP-Utah, Phelps Dodge, Placer Dome, The Electrum Group and La Cuesta International. Figure 6.5-2 shows the compilation of the rock chip samples taken by the different companies on the Property.

Figure 6.5-2 Rock Chip Sample Locations

The surface sample summary included in Table 6-2 Summary of Surface Samples refers to the number of samples collected based on reference from company reporting. The number of samples included in the Austin Gold Property is based on the number of samples with known sample locations. Discrepancies can occur.

Table 6-2 Summary of Surface Samples

The inventory of surface sampling is incomplete. Company reports refer to samples with no known locations, assay certificates contain samples with no corresponding sample locations, maps show sample locations with no associated assay certificates, and several historical maps contain sample locations with no associated sample IDs.

6.5.1 1989 - 1992 Carlin Gold

Carlin Gold collected rock chip samples within their claim block from 1989 through 1992. There is reference to the sampling program in the historical company reports, but no other information is available.

6.5.2 1990 BHP - Utah International

The following summary of surface sampling by BHP - Utah international was derived largely from (Spatz, 1991) with additional details listed below.

A total of 320 rock chip samples were collected across the broader area, including 111 samples on the Property, consisting primarily of outcrop samples with some float included. The initial 42 samples were analyzed by Chemex for 32 elements using ICP. Gold analyses were performed by fire assay with AA finish. The remaining samples were analyzed for gold at a 5 ppb detection limit by Bondar-Clegg. ·

An extensive soil survey totaling 1,065 samples was conducted across the broader area, including 300 samples on the Austin Gold claims, on a 400' × 200' grid (500' × 200' in places). A base line was surveyed by a professional contract surveyor. The soil survey was preceded by a 100' x 100' orientation survey which involved sampling different soil horizons and analyzing separate mesh sizes down to -200. Based on the orientation study, -80 mesh size separates were analyzed. Samples were collected well into the B horizon where possible, typically at about a 14" depth. Soil analyses were performed by Geochemical Services Inc. (GSI) on 30 gram samples using a strong oxidizing acid and a selective organic extraction. Ultra-trace gold with a detection limit of 0.2 ppb was obtained by graphite furnace AA and 14 other elements by ICP.

Finally, a bulk-leach, extractable gold (BLEGS) survey, involving 36 samples, was also conducted. Stream sediment samples were screened to 4 lbs. of -2 mm in the field and bulk-leached with cyanide for 24 hours by American Assay Labs. Gold was analyzed by AA.

Sample location maps and assay certificates are available for the rock chip and soil sampling program.

6.5.3 1990 - 1992 Phelps Dodge

Several hundred rock and soil samples were analyzed for Au, Ag, base metals and trace elements.

Four hundred five rock chip samples were collected on the Property (218 samples) and surrounding areas, and were analyzed for Au, Ag, As, Sb, Hg, Cu, Pb, Zn and Mo. Seventy-five soil samples on 200- foot spacings in five lines were also collected and analyzed (Canby, 1991). Assay certificates from Bondar Clegg are available for the sampling program, as is a sample location map.

6.5.4 1992 Newmont Exploration

Newmont reviewed the Property as a submittal from Carlin Gold in 1992. A single Jerome mercury line 10,000 feet long was run from the rhyolite dome in Section 4 southeast to the dome in Section 11. Anomalous mercury was identified near the rhyolite domes.

6.5.5 1993 Placer Dome

Sixty-eight rock samples were analyzed for Au, Ag, base metals and trace elements. Rock sample geochemistry and descriptions are included in the data package. No information is available on sample locations.

6.5.6 2014-2016 La Cuesta International

Between 2014 and 2016, La Cuesta International (LCI) collected 128 rock chips in the Stockade Mountain area (Hillemeyer & Durning, Sept 2014), (Hillemeyer & Durning, Sample Designations and Summary of the 3rd Quarter 2015 Reconnaissance Exploration Program, Oregon and Nevada, March 2016), (Hillemeyer & Durning, September 2016).

6.5.7 2016-2020 The Electrum Group

Between 2016 and 2017, 230 samples were taken during outcrop mapping by L. Buchanan, with field assistance by X. Buchanan (Buchanan & Buchanan, October 2017). The samples were sent to ALS laboratory in Reno, Nevada for analysis.

6.6 Surface Geochemistry

6.6.1 2020 P2 Gold

Between 1989 and 1993, over 377 soil samples were collected on the Stockade Mountain Property by BHP-Utah and Phelps Dodge. Figure 6.6-1 shows the compilation of gold in soil samples taken on the Stockade Mountain Project.

Figure 6.6-1 Compilation of Gold in Soil Samples

Between 1989 and 1993, more than 554 rock chip samples were collected on the Stockade Mountain Property by Carlin Gold, BHP-Utah, Phelps Dodge, Placer Dome, The Electrum Group, and La Cuesta International.

Figure 6.6-2 shows the compilation of gold values from rock chip samples collected on the Stockade Mountain Project. 

Figure 6.6-2 Compilation of Gold in Rock Chip Samples

6.7 Geophysics

6.7.1 1990 BHP- Utah International

A VLF survey was performed over the hot spring area where the most concentrated drilling was conducted. Six NE-SW lines, 2,800 feet long, were resurveyed coincident with the soil grid, and measurements were taken every 50 feet. In addition, VLF data were collected along three·1,800 foot long NW-SE lines (Spatz, 1991).

6.7.2 1993 Placer Dome

A geophysical VLF-R resistivity survey was conducted on a 1,600' x 2,400' grid with 200 foot line spacing and 50 foot station spacings on opalite-chalcedony mineralization in the SE quarter of Section 32 and the SW quarter of Section 33. Several isolated reconnaissance lines also were evaluated.

6.7.3 2021 P2 Gold

6.7.3.1 AeroMagnetic-Radiometric Survey

P2 Gold contracted EDCON-PRJ to conduct an aeromagnetic-radiometric survey over the Stockade Mountain Property in October 2020. Fritz Geophysics subsequently completed an interpretation of the survey data with the objective of mapping host rock types and structural features and evaluating whether the data indicated potential exploration targets.

According to Fritz (2020) Airborne radiometric data reflects the very near surface, probably less that the first half meter. Figure 6.7-1 shown below contains the interpretation of the rock types. Radiometric Rock types are represented by RT#1-RT#4, structure is indicated by dashed blue lines, bedding by dashed green lines and remnant magnet lows in blue.

Figure 6.7-1 Radiometric Rock Type Interpretation

6.7.3.2 Gradient IP-Resistivity Survey

In August 2021, Fritz Geophysics designed, supervised, and interpreted a Gradient Array IP-Resistivity survey over prospects and mapped vein systems in the Stockade Mountain Project area in central Oregon at the request of P2 Gold. The objective of the survey was to determine whether IP and resistivity methods could detect known mineralization and identify additional exploration targets.

According to Fritz (2021), "the resistivity data shows a limited range of values suggesting a reasonably consistent rock type. This is consistent with the aeromagnetic and radiometric data". Two possible structures are suggested by these data, as shown in Figure 6.7-2. However, this has been refuted by Austin Gold's recent CSAMT survey.

The IP data was quite noisy with low signal levels. No significant responses are noted in the very scattered responses.

Figure 6.7-2 Contoured Resistivity Data GIP Survey, with Interpretation

6.8 Drilling

Between 1990 and 1993, available records show 57 rotary reverse-circulation drill holes totaling 23,130 feet were drilled in the Stockade Mountain area (Austin Gold's claims and adjacent private property) to explore and define mineralization. Details on the drilling programs undertaken on the Property by previous companies are included in Section 10: Drilling of this report.

Table 6-3 Summary of Holes Drilled at Stockade Mountain Project

The drill hole inventory is incomplete. Company reports refer to drill holes with no known locations, drilling programs in which not all holes were recorded, and assay results associated with holes lacking corresponding location information. Additional drill holes with no clear reference to their origin were also identified on several historical maps.

6.8.1 1990 BHP - Utah International

Eighteen drill holes were completed ranging in depth from 220 feet to 500 feet, averaging 344 feet, and totaling 6,205 feet. Both 5-foot and 20-foot splits were collected. The 20-foot splits were analyzed initially by American Assay for Au and 30 other elements. Intervals anomalous in Au were reanalyzed at 5-foot intervals (Spatz, 1991).

Drill hole location maps, drill logs, and assay certificates are available for this data set.

6.8.2 1990 - 1992 Phelps Dodge

Twenty-two reverse circulation rotary holes with a total of 9,555 feet were drilled by Phelps Dodge from 1990 to 1991.

In early May 1990, a six-hole reverse circulation drilling program was completed, targeting areas of the strongest geochemistry, alteration, and width of fractured zones along structure. Results from this early drilling program and more detailed mapping and sampling were used to target seven additional holes which were completed in early October 1990 (Canby, 1991). Nine additional holes were drilled in 1991 for a total of 4,170 feet. Drill Hole Location Map, summary of drilling results, assay certificates, and schematic drill logs having both gold and trace element results are included in the data set.

6.8.3 1992 Carlin Gold

In 1992, six reverse circulation holes were drilled in a fence pattern in opalite-chalcedony mineralization in the SE quarter of Section 32 and one hole was drilled to evaluate covered mineralization in the NW quarter of Section 33 for a total of 2,870 feet (Mejstrick & Dodd, December 1993). Drill logs and assay certificates are available for these holes. Drill hole locations for the Carlin Gold holes were included on the Placer Dome maps.

6.8.4 1993 Placer Dome

Ten reverse circulation holes were drilled for a total of 4,330 feet. Location map, assay certificates and drill logs are included in the data package.

6.9 Metallurgical Sampling

6.9.1 1990 - 1992 Phelps Dodge

Results from cyanide shake tests taken from 1990 drilling are erratic but generally show no indication of encapsulation or refractory mineralization. Possible nugget effect was indicated by high recoveries in some samples.

6.9.2 1993 Placer Dome

Preliminary leachability tests on 49 selected drill samples indicate that at least a portion of the gold is cyanide leachable. Recoveries varied from an average of 65% (-150 mesh, 2 hour agitation) to 80% (-200 mesh, 24 hour agitation) (Mejstrick & Dodd, December 1993).

7 GEOLOGIC SETTING AND MINERALIZATION

7.1 Regional Geology

The following discussion of the regional geologic setting of the Owyhee Uplands is derived largely from Corcoran (1969) with additional information as cited.

The Stockade Mountain Project area lies within the Owyhee Upland physiographic province of eastern Oregon as defined by Dicken (1950). The Owyhee Upland shown in Figure 7.1-1 is essentially a plateau region developed on several widespread extrusive basaltic, andesitic, and rhyolitic sheets with associated pyroclastic and sedimentary rocks of middle to late Cenozoic age. The varied landscape includes deep gorges where the major streams have cut through resistant lava and ash flows into softer, more easily eroded sediments and tuffs, open basins underlain by thick sequences of continental beds, and broad upland regions capped by thin sheets of lava or welded tuff. Elevations range from 2,230 feet on the Snake River to 5,000 - 6,000 feet along the western and southern borders of the province.

Figure 7.1-1 Geomorphology of Oregon (after Dicken 1950)

The province merges with the Basin - Range and High Lava Plains to the south and west, and some of the geologic and geomorphic features characteristic of these provinces extend into the Owyhee Upland. Extensions of the block fault mountains of the Basin - Range in the Owyhee Upland are neither as large nor as well-defined separate blocks as those to the southwest. The established drainage pattern and more mature topography distinguish the Owyhee Upland from the geologically younger plains regions both to the west and east. The southern Blue Mountains, which are underlain by intensely deformed pre-Tertiary marine sedimentary rocks and metavolcanic rocks, mark the northern boundary of the Owyhee Upland. The province extends eastward to the broad Snake River Basin, which has been filled with several thousand feet of upper Tertiary and Quaternary terrestrial sediments and lavas.

No pre-Tertiary rocks are exposed within the province, although marine sedimentary beds of Mesozoic age or older, which crop out to the north in the Blue Mountains and dip southerly, presumably lie below the Tertiary cover. By the close of the Mesozoic era in Oregon, the seas had retreated from the region east of the Cascade Range, and all the Cenozoic sediments are continental deposits.

7.1.1 Geology

The following discussion of the geology of the Owyhee Uplands is based largely on Foord and Luessen (1987) with additional information as cited.

The Owyhee Upland is characterized by rhyolite- basalt volcanism similar to the Snake River Plain and Great Basin provinces (Hart, 1985; Leeman, 1982). The plateau is underlain by Miocene rhyolitic rocks that range from 13.8 to 9.4 million years old (Ekren and others, 1984). The rhyolitic rocks, which were originally mapped as, and are correlative to, the Idavada Volcanics, are predominantly densely welded rhyolitic ash-flow tuffs as defined by Malde and Powers (1962, p. 1204).

The rhyolites are overlain by tuffaceous sediments (unit Tts) and by basalts, which erupted between 10 and 6 million years ago and cap the Owyhee Upland (Hart and others, 1984). These basalts were previously mapped as Banbury Basalt on all known published maps of the region (Ekren and others, 1981, 1984; Stewart and Carlson, 1976; Hope and Coats, 1976; Coats, 1968; and others). The uppermost basalt flows, called "rim basalts" (unit Tbr), distinctive cliff formers at the lip of the upper plateau, apparently issued from shield volcanoes in the region. The shield volcanoes have slopes of only a few degrees and rise a few hundred feet above the surrounding basaltic plateau. Many thin basalt flows exposed below the rim basalt are called "canyon basalt" (unit Tbc).

7.1.2 Structure

The Miocene sediments and lavas in the Owyhee Upland have been moderately deformed and broken into a number of separate fault blocks. These blocks are not as large nor as continuous as those in the adjacent Basin and Range province, and the amount of movement along any particular fault has not been as great. Pliocene sediments and lavas fill many of the troughs produced by the post-Miocene deformation. Rocks of the Idaho Group (Pliocene and Pleistocene) also have been deformed, but the amount of displacement in most places is considerably less than in the older rocks. Pleistocene rocks of the Rome basin are only slightly deformed.

The well-defined northeast trend of the faults in the Basin and Range province is seen only in a few places in the Owyhee Upland, mostly in the southern part of the province. The pattern tends to die out to the north and east, and in most of the Owyhee Upland the predominant trends are northerly or northwesterly. The change in direction of the fault zone may reflect a deep - seated change in the subcrustal tectonic pattern in this region.

The northwest - trending Western Snake River Plain (WSRP) is a major structural feature, the development of which began at least by middle Miocene time. Older Tertiary units cropping out on both sides of the WSRP show considerable block faulting and indicate that it is a broad, depressed region filled with later Tertiary and Quaternary sedimentary and volcanic rocks.

Further west, the Oregon-Idaho Graben (Cummings, Evans, Ferns, & Lees, May 2000) is a broad north- south-trending synvolcanic graben within the middle Miocene rift system that extends 1,100 km from southern Nevada to southeastern Washington. The Grassy Mountain and Quartz Mountain gold/silver deposits occur along faults of the Oregon-Idaho Graben, and Stockade Mountain lies just southwest of the southwestern-most mapped faults of this feature.

Like the rest of the Great Basin, the Owyhee Upland is an area of broad uplift, as shown by the youthful topography in the main river canyons. Unlike the typical Basin and Range structure of youthful linear basins and fault block mountains, the north- to northwest-trending pattern of normal faults is subdued to missing in most of this area. As noted previously, the northwestern Basin and Range, including the Owyhee Uplands during late Cenozoic time is characterized by extensional tectonics, a thin crust, high heat flow, and bimodal rhyolite-basalt volcanic rocks.

7.1.3 Mineralization

Southeastern and south-central Oregon contains a number of Mid-Miocene paleo hot springs/geothermal systems that formed economic or near-economic low-sulfidation gold-silver deposits, or which are favorable for the discovery of such deposits. Well-known occurrences include the Grassy Mountain deposit south of Vale, currently being advanced toward production by Paramount Gold Nevada Corp., as well as Quartz Mountain (Malheur County) and Quartz Mountain (Lake County), both of which have NI 43-101 compliant resources. Additional epithermal prospects in the Owyhee Uplands with characteristics similar to Stockade Mountain include the Frost Project and Red Butte. Selected deposits and prospects are shown in Figure 23-1, and those considered adjacent properties are discussed in Section 23. Other less well-known occurrences, such as Stockade Mountain, are receiving renewed exploration attention as the search for high-grade deposits expands from Nevada into Oregon and Idaho.

7.2 Local Geology

In 1991, the U.S. Geological Survey published a 1:500,000 scale map of the state of Oregon (Walker & MacLeod, 1991). The map is available in paper, GIS format, and via the web, and provides the basis for the regional and local geology referenced in this report. For the purposes of this discussion, "local geology" refers to geologic features within approximately 5 to 10 miles of the project area, as shown in Figure 7.2-1.

Figure 7.2-1 Local Geology

7.2.1 Geology

The oldest rocks in the area surrounding the Stockade Mountain Project, shown in Figure 7.2-1, are Miocene lava flows and breccia of porphyritic basalt and andesite (Tba). These are overlain by moderately well indurated lacustrine and fluvial deposits of tuffaceous sedimentary rocks, tuffs, pumicites, and silicic flows (Tts) followed by deposition of poorly to moderately consolidated bedded silicic ash and pumicite, diatomite, tuffaceous sedimentary rocks, minor mudflow deposits and some coarse epiclastic deposits (Tlf).

Volcanism dating approximately 14-16Ma in the central and southern part of the Owyhee Uplands saw the deposition of ash-flow tuff, lava flows, flow breccias, and resurgent domal masses of rhyolitic, rhyodacitic and dacitic composition in the McDermitt caldera area (Trh). These were overlain by ash- flow and air flow tuff mostly of rhyolitic and rhyodacitic composition. Volcanism was followed by regional subsidence and punctuated by quiet periods with freshwater basins as evidenced by deposition of lacustrine tuffaceous sedimentary rocks dating late Miocene to Early Pliocene (Tob). Basaltic volcanism occurred throughout this sequence (Tob) and is thought to have provided the heat source for the partial melting of crustal materials, leading to the generation of the silicic magmas (Roche, 1987).

The final phase of volcanism in the sequence was the introduction of plugs and domal complexes of rhyolitic, rhyodacitic, and dacitic composition, including related near-vent flows, flow breccia, and deposits of obsidian, perlite, and pumice.

Additional detail on the lithology in the district can be found in Table 7-1 which is compiled from the legend of the Geologic Map of Oregon shown in Figure 7.2-1.

Table 7-1 Lithologic Description of Geologic Units in the Stockade Mountain Region

7.2.2 Mineralization

No other mineralized areas are known to occur within the immediate vicinity of the Stockade Mountain Project.

7.3 Property Geology and Mineralization

Stockade Mountain exhibits a large classic gold- and silver-bearing low-sulfidation hydrothermal system associated with rhyolite intrusion and doming that formed along a major NW-trending structural corridor. The hydrothermal system is up to 4 miles long NW-SE and is up to a mile in width. Gold/silver and high-level mercury mineralization at Stockade is associated with widespread silicification and argillization in a near-surface paleo-hot springs environment. This hydrothermal alteration and mineralization formed in and around rhyolite domes that have intruded gently dipping felsic tuffs. Geological characteristics are similar to those at Paramount's nearby Grassy Mountain gold deposit or Quartz Mountain, both in southeastern Oregon. Those projects are discussed in more detail in Section 23: Adjacent Properties.

Erosion into the hydrothermal system has been minimal, resulting in the local exposure of probable hydrothermal craters and vents that indicate the paleosurface at the time of hot springs activity. Gold and silver, along with associated elements arsenic, antimony, and mercury, are all anomalous at the surface, however, historical and Austin Gold drilling shows that gold and silver values, and their extent, increase significantly with depth below the paleosurface.

A significant limitation to fully understanding the geology at Stockade Mountain is a lack of sufficient outcrop from which to interpret lithologic contacts and structure. Because of this, Austin Gold has not yet attempted to put together a detailed geological map. Within mineralized zones, the best outcrops are those where the rocks are "silicified" (opal/chalcedony replaced). Additional information about lithologies is derived from historical rotary reverse-circulation drill hole logs, however these are often vague due to the nature of the drilling method. Diamond "core" drilling by Austin Gold (the first company to use this method), confirms the general lithological understanding of the Property, and, importantly, confirms that the gold mineralization drilled by prior companies is indeed a classic high- level stockworks/breccia zone.

Earlier efforts of geological mapping were conducted by BHP-Utah International (1990), Phelps Dodge (1990-92), and Placer Dome (1993). The Electrum Group compiled the geology in 2016-2017 and completed detailed mapping in favorable target areas. The following discussion of the Stockade Mountain geology and mineralization is derived partially from Buchanan (2017) final report with additional information as cited.

7.3.1 Geology

Stockade Mountain is comprised of weakly to strongly welded rhyolitic ash flow sheets and tuff units that were intruded by domes of fine-grained porphyritic rhyolite. The domes rose up a central vent and formed discontinuous, broken layers of vitrophyre near the upper and frontal domal surfaces, locally over 100 meters thick. Lobes of magma pushed forward into their own breccia piles; the water contained in these permeable breccia layers resulted in widespread illitization of the lithic and vitric breccia fragments.

The basal units forming the bulk of the Stockade Mountain range are rhyolitic ash flow sheets and tuffs marked by interbedded beds of spherulitic ash (Tts), lapilli tuffs (Tlt), ash tuff (Tat), and densely welded fine-grained ash (Tvw). Beds of any one lithology can vary from a few meters to over 50 meters thick, and interbedding of the various units is pronounced. Tlt appears more common to the south of Opal Hill. Tat and Tts are more common in the NW end of the Property, at the Craters Area. These beds dip generally at shallow angles (usually under 20 degrees) to the west. In the SE end of the mapped area (See Figure 7.3-1), about 1.2 miles SE of the Craters, lapilli tuffs (Tlt) are exposed although some welded spherulitic tuff (Tts) is also noted in some outcrops. These tuffs are opalized, although less so than in the northwestern exposures. All tuff units strike northwesterly and have an overall dip to the west at 10-25 degrees.

These bedded rhyolite units formed the bedrock through which the rhyolite magma intruded. As the magma rose and spread out laterally, with protruding lobes especially predominant to the NW and SE, the uppermost (outermost) magma chilled to form a hard layer of vitrophyre plus crystallized rhyolite, which was repeatedly broken due to magma movement at depth, with the lithic (Tr) and vitric (Trv) fragments forming thick piles of broken rock and talus on the carapace of the central dome as well as on the frontal lobes of the spreading magma. These breccia accumulations are labeled Trf. In the NW, the area of carapace and frontal breccia accumulations is called The Craters area. In the SE, it is well exposed in what is called the Nelson Breccia. In both cases they formed the same way, as Trf. In some places, especially on the SE side of Opal Hill adjacent to the Nelson Breccia (also a Trf), the vitrophyre is intact, forming a subvertical vitric margin around the SE end of the dome.

As these breccia piles and sheets were accumulating, airfall ash and lapilli fragments continued to be expelled either from the dome itself or from nearby volcanic vents, forming airfall layers of Tat, Tts and Tlt interbedded with the accumulating domal breccias. The NW end of the Stockade Mountain dome exposes accumulations at least 100 meters thick of bedded rhyolite ash and lithic tuffs, interbedded with several layers of domal frontal breccias (Trf).

Figure 7.3-1 Stockade Mountain Geology Map

Sometime after the entire dome hardened and volcanic activity ceased, a series of NW trending faults occurred. These faults became mineralized as breccia veins: Filled with fragments of opalized and/or chalcedonized rock (largely Tr) in a matrix of opal, chalcedony, and at times, agate.

7.3.2 Details of General Geology

A fine-grained to very fine-grained porphyritic rhyolite stock (Tr) formed a dome elongated NW for 2.1 km. by at least 800 meters wide. Where not altered, the Tr is grey to brownish grey in color. Outcrops display conspicuous flow bandings, but outcrops are few. Many areas mapped as Tr are based on abundant pieces of planar, platy, flow-banded float.

To the southeast of Opal Hill, the Tr intrusive contact into host rhyolitic tuff units is well exposed as a 10 to 130 meters wide subvertical dike-like band of black (where unaltered - Trvb) to green (where opalized - Trvg) vitrophyre (Trv) that marks the chilled margin of the intrusive dome where the SE lobe of the dome intruded into its own frontal breccia (Trf - exposed as the Nelson Breccia). This glassy material, whether black or green, displays well-defined, steeply dipping to vertical flow bands and forms at the nearly vertical boundary between the Tr (to the NW) and the Nelson Breccia to the SE (see Figure 7.3-1).

Frontal and carapace breccias (Trf) are also observed on the NW end of the dome. There, the lithic fragments are illitized (Trfi) and form low, apparently easily eroded and inconspicuous outcrops. Other outcrops in the immediate area of the illitized Trf indicate illitized to fresh Tat, Tts and Tlt are interbedded in the Trfi, shown schematically on the cross-section A-A' and longitudinal section B-B' - B"- B'''. All lithologic units in the Craters Area strike northwesterly and dip 10-30°W. Bedding in Trf is observable, but rarely, as alignments of fragments.

Where the NW-trending chalcedony/opal veins cut the Trf in the Craters area, the Trf is strongly cemented with variable mixtures of chalcedony, opal and agate, herein labeled Trfs. These areas of Trfs rubble form resistant outcrops, and many dozens of smaller outcrops of silicified Trf are noted where NW veins cut them. These silicified Trfs and Trfi outcrops are bedded, parallel to the interbedded Tat, Tts and Tlt, but are only silicified where cut by the later NW trending veins. Photo 2 shows the strongly silicified Trf breccia near the NW veins and should be contrasted with Photo 1, showing the illitized nature of the Trf away from the effects of NW veins. 

7.3.3 Structure

Stockade Mountain structure is dominated by northwest-trending faults that were the conduits for the hot springs fluids. These faults are commonly mapped as silicified/breccia zones that outcrop sporadically within the altered and mineralized area and typically display a high-angle dip to the northeast. However, the CSAMT data and interpretation suggest some may dip to the southwest, thus forming graben features. Post-mineral faults that also trend northwesterly are interpreted to occur along the east side of the exposed altered and mineralized rocks and are interpreted to down-drop the mineralized tuffs and domes under post-mineral basin sediments.

7.3.4 Alteration and Mineralization

The gold/silver veins being targeted at Stockade Mountain would have formed within the vertical zone of vigorous boiling of the hydrothermal fluids, and this is interpreted to have occurred approximately 600 to 1,200 feet (183 to 366 meters) below the surface.

Probably contemporaneous with the intrusion or very soon thereafter, numerous northwest zones of fracturing occurred, cutting the Tr dome and also cutting the domal breccia accumulations (Trf) and the interbedded extrusive rhyolite tuffs (Tat, Tts, etc.). These fractures typically strike N45°-60°W with a predominant dip of 60°-80°E, but a minority of the structures has a vertical to 70°W dip. The fractures average 1.5 meters wide, with many from 10 cm to 3.0 meters wide (and a few up to 10 meters) and are steeply dipping planar bodies filled with well-cemented rock fragments, forming breccia veins (See Photo 3 and Photo 4).

All breccias in the veins (Teb) are cemented with a variable mixture of chalcedony, opal and agate. These breccia veins cut all units, but where they cut the frontal or carapace breccia horizons, the silicification spreads out laterally along the permeable bedding for up to 25 meters away from the NW-trending chalcedony/opal veins, as shown in Photo 5. Thus, the larger bodies of Trf shown in the NW end of Figure 7.3-1 are those breccia beds that received the larger amounts of hydrothermal solutions depositing chalcedony/opal from the NW veins and those solutions moved out laterally along bedding into the Trf. As stated, there are dozens, if not hundreds, of other outcrops of similarly silicified Trf not shown on Figure 7.3-1, but these are much smaller in extent, though the intensity of alteration seems to be the same. Also, there are hundreds of subcrops of Trfi, the illitized frontal breccias, but these do not crop out well due to their softness (see Photo 1 and 5).

 The opal is commonly red, brown, yellow and light grey and less commonly black. The chalcedony is typically white, light grey, or more rarely dark grey to black in color. A typical breccia vein would have white to light grey angular to subrounded fragments of intensely opalized rock, cemented with a matrix of irregular patches and veinlets of white, brown, red, or black opal and chalcedony, and more rarely, colorful agate. Iron oxides (limonite, hematite, plus Mn oxides) are not common but are found in a few veins as stains and thick crusts on opal/chalcedony veins and veinlets. Samples of these iron-oxide-rich veins showed no anomalous values, except in Hg. Very late stage drusy quartz in crystals 0.1 mm in size, is common in the silicified Trf. No barite, fluorite, adularia, or sulfides typical of epithermal veins were noted on any outcrop.

As almost all veins seen were breccia veins; the few that are not brecciated stand out for attention: Only six vein outcrops out of the several hundred observed show any banding at all, presumably along those few stretches of veins that somehow avoided brecciation. Some non-breccia veins have very crude banding of white and grey chalcedony and chalcedony+opal, and rarely with bands of limonite mixed with hematite. Those with banding have a banding index (#bands/10cm of width) that varies from 1 to 12, a low number generally as it means the bands are from 8 to 100 mm in thickness, considered "coarse" compared to many productive epithermal districts. But the presence of any banding at all is encouraging as each band represents a change in the physical and/or chemical nature of the fluids at depth.

It appears the non-brecciated parts of the chalcedony veins change to breccia veins on strike (and likely on dip) within a few tens of meters of strike, where no banding is observed.

These breccia veins, banded or not, crop out well at and near the margins of the Tr dome but are nearly absent in the center of the dome. The central part of the dome is illitized with the rock softened, thus outcrops are rare and discontinuous, and vein outcrops are even rarer. The author believes that wide veins in the central portions of the dome would have cropped out, thus the assumption is that veining in the center of the dome was weaker, with thinner and less continuous veins, perhaps due to less access to voluminous amounts of water available for boiling. That water would be present in the permeable frontal breccias and in the bedded volcanics on the margins of the domes, and thus boiling was pronounced.

7.3.5 Target Areas

The following text is a description by Buchannan & Buchanan (October 2017) of some of the more noteworthy, mineralized zones on the Stockade Mountain Property. Figure 7.3-2 shows the locations of these occurrences relative to the mineral land holdings.

Figure 7.3-2 Mineralized Zones at Stockade Mountain

Detailed discussions by Buchanan and Buchanan (Buchanan & Buchanan, October 2017) of the most mineralized zones in the project area follow.

7.3.5.1 Opal Hill / Number 9 Vein Target Area

Figure 7.3-3 Opal Hill Dome Geology Map

The Number 9 Vein zone atop Opal Hill (shown in Figure 7.3-3) drilled by Phelps Dodge and Placer Dome can be traced discontinuously to the NW for at least 1,200 meters. At Opal Hill, the Number 9 Vein zone is hosted in illitized Tr and is made up of at least five parallel breccia vein structures within a width of 75 meters, with individual veins up to 5 meters wide but typically 0.5-2.0 meters wide. Moving to the NW from Opal Hill into the center of the dome, the number of veins decrease for the first 400 meters as stated above, but then farther NW they increase again until in the area of the Craters at the Tr/tuff+Trf contact there are many dozens of breccia veins. It is believed this increase in the number of veins near the Tr contact is merely due to proximity to that contact: that is, it is very possible the increase in the fracturing and subsequent brecciation and then vein forming is merely where the tuffs and Trf contained high amounts of interstitial water (relative to the Tr) and therefore the boiling at depth in the structures was more intense and concentrated at and near the Tr/tuff+Trf contacts. As rhyolites contain under 4% water and as opal is a hydrated polymorph of SiO2 with 5 to 22% contained water, all opalization at Stockade likely resulted from heated ground water held in the tuffs and Trf, plus some input from heated hydrothermal waters rising up the NW set of fractures.

The presence of stratabound intense opalization in the Tts unit in the far northeast end of the mapped area (See Figure 7.3-1) suggests the water content in that tuff unit at the time of intrusion resulted in widespread boiling with consequent opalization. The concept of a boiling water table may be applicable as the entire Tts unit appears strongly and relatively evenly, almost monotonously, opalized throughout its outcrop exposure. The numerous veins in the Tr, Trf and Tat adjacent to and above the opalized Tts unit are merely fracture zones above that boiling horizon where steam and hot waters escaped from depth. This extremely violent boiling event localized near the Tr-Trf contacts may explain the absence of veining in the center of the dome as the waters held in the tuff beds and permeable Trf breccias would not have migrated very far into the dome before being vaporized away.

The following is derived from the Placer Dome report by Majstrick and Dodd (1993).

The most extensive and highest-grade gold mineralization exposed on the Property occurs in the rhyolite dome in the North ½ of Section 4 and accordingly, it has received the greatest exploration interest (Figure 7.3-3). Phelps Dodge drilled 12 holes mainly in the south and central parts of the dome and Placer Dome drilled 5 holes to evaluate mineralization in the north part of the dome. As defined by the drilling, the dome is elliptical in plan view 1,600 feet NW-SE x 1,000 feet NE-SW with a steep-sided funnel shape in cross-section. It is in contact with underlying tuff breccia on the north and east sides and bound on the west by the N50W fissure and a near vertical contact with opalite and chalcedony-silicified upper rhyolite. The dome continues to a TD depth of 440 feet in Phelps Dodge hole STKDH-16 just east of the N50W fissure. Structural relationships on the southside have not been determined.

Placer Dome drill sites average 300' apart. Phelps Dodge sites range from 100 feet to 400 feet apart with some clustering as a result of follow-up drilling. All drill intervals, grades, and distances are reported in the original units as presented in historical operator records. Best intercepts by Placer Dome include hole STK93-6, 340' @ 0.014 opt Au from 225' - 565' TD with 55' @ 0.030 opt Au from 225' - 280', and STK93-5, 55' @ 0.025 opt Au from 135' - 190'. Best intercepts by Phelps Dodge include hole STKDH-9, 430' @ 0.018 opt Au from 30' - 460' with 125' @ 0.037 opt Au from 150' - 275', hole STKDH-18, 240' @ 0.017 opt Au from 165' - 405', and several intervals of 80' @ 0.010 opt Au. Anomalous intervals were bracketed by unmineralized rock in all holes except STK93-6. The better intercepts are separated from each other by zones with weak mineralization only. A pattern has not been recognized which can link mineralized domains or project mineralization into adjacent areas. Generally, higher grade mineralization tends to occur at the margins of the dome and nearer to the feeder conduit suggesting structural contacts exerted an influence on fluid channeling. Mineralization continues to the total depth drilled, approximately 440 feet vertically from the top surface of the dome.

Placer Dome drilled three holes immediately north of the dome to test continuity of mineralization in this direction. Holes STK93-3 and STK93-9 failed to intersect mineralization which indicates the "west zone" and "east zone" concept trends developed by Phelps Dodge have validity for the dome only. A reinterpretation suggests these are a result of contact-controlled mineralization along the edges of the dome. Hole STK93-4 intercepted quartz vein stockwork mineralization in tuff breccia from 205' - 290' TD. Veins and style of mineralization are similar to occurrences in the dome except gold grades are lower ranging from 0.005 to 0.0131 opt with the best intercept being 15' @ 0.012 opt Au from 295' - 310'. The tuff breccia appears to be a less favorable host because of its plastic, clay-rich, non-permeable character.

Phelps Dodge drilled 5 holes which tested areas immediately outside the dome. Hole STKDH- 17 encountered barren opalized and chalcedony-silicified upper unit rhyolite at a site collared 300 feet southwest of the N50W fissure and 300 feet west of the highest-grade intercept on the Property in hole STKDH-9. Holes STKDH-10, 19, and 20 were drilled east of the dome and angled back toward the dome. Dome mineralization was not intersected because of post-mineral faulting along the dome flanks with east side-down movement and the funnel-form inward dipping dome basal contact. Hole STKDH-2 was drilled south of the dome in upper unit rhyolite with stockwork quartz veins but did not intersect anomalous mineralization. Phelps Dodge also drilled two holes in opalite-chalcedony mineralization approximately 1,200 feet NW of the dome. Both holes failed to intersect anomalous mineralization.

7.3.5.2 The Vents at Craters (The Swamp) Target Area

Figure 7.3-4 Outcrop Geology of the Craters Area

In both the NW and SE areas near the Tr contacts shown in Figure 7.3-4, are six wide areas of brecciation, with five in the Craters area. The Craters area is often referred to as 'The Swamp' in previous reporting. One, the most westerly of the five herein called the Vent Area, differs from the others. There, unlike the other large and many smaller outcrops of silicified Trf, the Trf fragments are not in place. This outcrop area consists of 7 small hydrothermal vents where violent eruptions threw up rocks (largely Tr lithology) to form a slightly elevated rim around the seven vents, leaving the vents as shallow depressions surrounded with 1-3 meters high aprons of ejected debris (Tebe) that extend from 5 to 20 meters away from the vents. This debris, looking remarkably similar to the Trf in other outcrops (where they are bedded) is similarly chalcedonized and/or opalized, often with late druses of quartz, just like the bedded and silicified Trf in the other large areas of outcrop. However, it is clear from the topographic expression at the Vent Area that the fragments had been shot up and out of the vents.

At the Vent Area the seven semi-circular depressions vary from 10 to 22 meters in diameter, are aligned in a NW direction, and are surrounded by what appears to be a flat-lying accumulation of breccia fragments around the margin of the depressions. The well-exposed breccias (Tebe) form generally flat- lying accumulations of ejected fragments of intensely chalcedonized and/or opalized fragments, in a weakly to strongly cemented matrix of opal and/or chalcedony. The fragments are chaotic; that is, they do not show any preferred orientation and appear to have been dumped out on the surface around the several erupting hydrothermal vents. The rocks within the vents themselves are not exposed as soil and debris have partially filled in the vent depressions.

Much of the tuff breccia and rhyolite in SE quarter of Section 32, SW quarter of Section 33, and the N half of Section 4 has been replaced by opalite and chalcedony. Silica decreases rapidly southwest of the N50W fissure and gradually decreases northeast of the fissure. Chalcedony ribs and later joints and fractures all trend N30-60W parallel to regional trends.

All surface rock chip samples of opalite, chalcedony and argillic tuff breccia contain less than 20 ppb gold. A soil survey grid by Phelps Dodge also did not identify anomalous gold in this system. Placer Dome rock and soil anomalies near samples STKPM93-60 and 200VMC in the SE quarter of Section 32 are due to a few irregular stockwork-type quartz veins.

A resistivity survey was conducted in the SE quarter of Section 32 and the SW quarter of Section 33 to identify the thicker silica caps which could overlie conduits for mineralization. The survey outlined an elliptical-shaped area of high resistivity with a N60W axis 800 feet NW-SE x 300 feet NE-SW associated with the N50W fissure. Resistivity contours northeast of this area are variable and an order of magnitude lower suggesting zones of discontinuous and rootless silicification interlayered with argillized volcanics. Two sites were chosen close to the fissure to evaluate potential mineralization beneath the silica cap.

Placer Dome hole STK93-1 intercepted 165 feet of tuff breccia and rhyolite with stockwork quartz veins similar to the mineralization in the domes. The veining occurred below a silica cap with a 215 feet vertical thickness and an interval of unmineralized tuff breccia with an 80 feet vertical thickness. Although veining is relatively strong, best intercepts include only 30' @ 0.015 opt Au from 345' - 375' and 40' @ 0.016 opt Au from 455' - 495'. Hole STK93-2 intersected a silica cap with a 270-foot vertical thickness followed by a rhyolite sequence with a 140-foot vertical thickness. Mineralization was not intersected possibly because of the increased distance of the hole from the fissure or its relatively shallower penetration depth as indicated by the absence of the dacite marker horizon (Mejstrick & Dodd, 1993).

Nine other holes have been drilled in the north target area. Phelps Dodge hole STKDH-13 was collared in variably silicified and argillized tuff breccia just east of a massive-appearing chalcedony outcrop 800 feet NE of the N50W fissure. The upper 175' consisted of opalized and argillized tuff breccia. The lower 125 feet consisted of a dacite flow probably correlative with the dacite in STK93-1. No anomalous intervals were intersected. Phelps Dodge hole STKDH- 22 was drilled approximately 300 feet SW of the fissure. The hole was targeted on gold anomalies in rocks and soils caused by a narrow zone of stockwork quartz veins and down-dip from a fault projected along a NW-oriented dry draw. The upper part of the hole consisted of argillized and weakly opalized tuff breccia. Basalt was intersected from 200' - 295' followed by pyritic dacite tuff to 345' TD. A 10' interval from 125' - 135' contained 0.028 opt Au.

Carlin Gold drilled a tightly spaced fence of 6 angle holes across the trend of the N50W fissure. Holes intersected tuff breccia and several thick intervals of fault or hydrothermal clay. Adjacent holes SCM-4 and SCM-7 intersected low grade mineralization of 45' @ 0.007 opt Au from 265' - 310', and 140' @ 0.007 opt Au from 220' - 360' respectively. The anomalies are not associated with stockwork veins. Holes to the northeast and southwest of SCM-4 and SCM-7 are unmineralized or contain narrower and lower grade intercepts. The anomalies in holes SCM-4 and SCM-7 are on a N50W trend with the stockwork veins in STK93-1 and within the same general depth interval.

Carlin Gold hole SCM-1 was collared in rhyodacite on a NW-trend with the opalite and chalcedony mineralization. The hole intersected 200 feet of unaltered rhyodacite above 200 feet of silicified and argillized tuff breccia. There were no anomalous gold intercepts.

7.3.5.3 Vents and Dome Target Area

Considered to be a "secondary" target area, Vents and Dome comprises an area of opalization and silicification of a rhyolite dome and carapace breccia along with an area that is believed to be a hot springs vent area (or the immediate subsurface of a vent area). The airborne radiometrics survey conducted in 2021 shows this area to be anomalous in potassium - possibly indicating k-feldspar or adularia within the alteration assemblage.

8 DEPOSIT TYPES

In Southeastern Oregon, widespread Neogene felsic volcanic rocks, along with considerable Neogene normal faulting, provide a compositionally and structurally appropriate environment for low-sulfidation Au-Ag deposits (previously known as hot-spring Au-Ag deposits¹) formed in a paleo hot springs environment (Berger, 1986). Based on the geological setting, hydrothermal alteration, styles of gold- silver mineralization, and close spatial and timing association with silica sinter deposition, the Stockade Mountain Project is best interpreted as a volcanic-hosted, high-level, low-sulfidation epithermal mineral system.

Epithermal gold-silver deposits form in the uppermost parts of the crust, at less than 1,500 meters (m) below the water table and contain gold and/or silver minerals in structurally controlled veins and breccias and disseminated in larger host rock volumes (John, et al., 2018). Within the group of epithermal deposits, (as summarized by Simmons and others (2005)), all modern classification systems consider ore or gangue mineralogy features, and many use chemical characteristics (pH, oxidation state, or sulfidation state) of fluids associated with proximal hydrothermal alteration and/or ore mineralization (John, et al., 2018).

Low sulfidation deposits formed at low sulfur fugacities resulting in alteration and vein mineral assemblages that are consistent with near-neutral pH conditions. They commonly exhibit vertical zoning for precious metals that correspond to the levels of boiling that occurred within the hydrothermal system. Episodic sealing and explosive activity formed the breccias and stockworks commonly observed in the structures, and the concurrent rapid pressure changes resulted in the precipitation of carbonates and, in many cases, the subsequent resorption and replacement of the carbonates by quartz that result in a lattice-texture and bladed texture where quartz replaces calcite (Simmons & Christenson, 1994). Bladed quartz replacing calcite frequently is observed in low-sulfidation, epithermal gold deposits. Bladed calcite have also been documented in boiling zones of some active epithermal systems and boiling in these systems has been directly linked to gold mineralization. These textures are noted as an important feature because they record the rapid changes associated with the boiling zone and are associated with the precipitation of gold (Etoh, Izawa, Watanabe, Taguchi, & Sekine, 2002).

Gold ore in low-sulfidation deposits is commonly associated with quartz and adularia with possible calcite or sericite as the major gangue minerals. The form of the deposit can vary from vein (Sleeper, Midas, El Pinon, and Hishikari) to stockwork (McLaughlin, Castle Mountain, Cerro Crucitas) to disseminated (Round Mountain). Associated mineral deposits may include hot-spring mercury deposits and antimony deposits. The alteration halos to the zone of mineralization, particularly in vein-controlled mineralization, include a variety of temperature-sensitive clay minerals. The areal extent of such clay alteration may be two orders of magnitude larger than the actual ore deposit. This is usually the case with shallow, lower-temperature alteration, that mushrooms near the surface owing to the intersection of an aquifer by basement feeder structures, the latter potentially being host to high-grade ore. Typically, the near surface stockworks and breccia deposits are much larger in tonnage and lower in grade than the underlying vein deposit.

___________________________
¹ Model classifications described here for the subtypes of epithermal deposits replace previous U.S. Geological Survey models for epithermal gold-silver deposits (Cox and Singer, 1986). Previous U.S. Geological Survey models consisted of Comstock epithermal veins, Creede epithermal veins, and Sado epithermal veins, which are combined into the low- and intermediate-sulfidation subtypes; hot spring gold-silver, which is divided between low- and high-sulfidation subtypes; and quartz-alunite gold, which is part of the high-sulfidation subtype (John, et al., 2018).

Wall-rock alteration assemblages associated with low sulfidation epithermal systems commonly exhibit silicification proximal to the veins and stockworks, illite, chlorite, albite, epidote, zeolites, and pyrite, in addition to quartz, adularia, and calcite. These minerals reflect the near neutral-pH and reduced composition of the ore fluid. Interstratified illite-smectite and smectite clays plus kaolinite occur on the margins of the system, as well as within the ore zone, in some cases as supergene alteration products of hydrothermal sericite (Hedenquist, Arribas, & Gonzalez-Urien, 2000).

A conceptual, schematic section (Figure 8-1) shows a low-sulfidation epithermal system and its variable form with increasing depth, and the typical alteration zonation, including the distribution of sinter, a blanket of steam-heated advanced argillic alteration, and water-table silicification (Buchanan L. , 1981)

Figure 8-1 Conceptual Low Sulfidation Epithermal Deposit Model

Most low-sulfidation deposits mined underground and from open pits vary in size from 100,000 ounces to 10,000,000 ounces of gold produced (2.84 to 284 metric tons (tonnes)), however some have yielded greater than 10,000,000 ounces. Ore grades typically range from several to more than 10 grams per metric ton gold (≥0.3 opt) and from tens to hundreds of grams per metric ton silver (several to several tens of ounces per ton) (Albinson, 2001). The relatively high grades of these veins, and their selective minability, have historically enabled production from small deposits.

 Table 8.1 shows estimated pre-mining tonnages and grades for low-sulfidation Au-Ag deposits in the United States described by John (2018)

Table 8-1 Grades and tonnages of low-sulfidation Au-Ag deposits in the US

Many other deposits of this class occur within the Basin and Range province of Nevada, and elsewhere in the world. Some well-known low-sulfidation epithermal gold and silver properties with geological similarities to the Stockade Mountain Project include the past-producing Rawhide, Sleeper, Midas, and Hog Ranch mines in Nevada, and Delamar in Idaho.

9 EXPLORATION

At least six companies have conducted exploration on the Stockade Mountain Property since its discovery in the 1990s. A large amount of information has been generated; however not all that data has been recovered. Exploration programs by prior operators are discussed in Section 6: History. Exploration drilling completed by those prior operators and Austin Gold is described in Section 10: Drilling.

Austin Gold acquired the Property in May 2022 and then undertook significant data compilation of historical data and field reviews of those data and interpretations. Part of this effort was the review and interpretation by a consulting geophysicist of the historical gradient-array induced polarization- resistivity (IP/R) survey and aeromagnetic-radiometric survey conducted in 2020. Subsequent to the drilling of three diamond (core) exploration drill holes in 2023 and 2024, the Company hired a different consulting geophysicist to review and model the IP/R and aeromagnetic-radiometric surveys. The conclusion of this geophysicist was that the gradient array survey was not suitable for imaging potential vein-hosting structures at depths of 200-300 meters, which are the target depths for this project. The interpretation is near-surface responses masked responses within the targeted depth range. Accordingly, in the fourth quarter of 2025, the Company designed and completed a detailed geophysical Controlled Source Audio-frequency Magnetotellurics (CSAMT) survey to acquire better imaging of target structures. Data from the CSAMT survey has been plotted and interpreted by the Company's consulting geophysicist and management team.

A reverse circulation drilling program originally planned for 2025 has been deferred to allow incorporation of the CSAMT results into drill targeting. The Company's drilling program will be designed to test beneath known high-level gold/silver-bearing stockwork mineralization for high-grade vein deposits formed deeper in the hydrothermal system. All permits are in place to conduct the program, which will be subject to suitable drill availability and weather.

9.1 Geophysics

A CSAMT survey was conducted on the Project during November through December 2025 by Zonge International. Data were acquired along 17 lines, each 2.4 km long and spaced 200 m apart, providing a total of 40.8 line-km of coverage. Lines were oriented N40E which is perpendicular to the general orientation of the hydrothermal system and large-scale structural controls.

CSAMT is an earth-resistivity mapping method that uses signal from a remote (5-10 km) transmitter to measure the resistivity of the subsurface. Apparent resistivity is derived from measurement of electric field and orthogonal magnetic field at multiple frequencies. Depth of penetration of the signal is inversely proportional to the transmitted frequency and proportional to the resistivity of the subsurface. The measurements are processed using 2D Inversion software to produce a section of the resistivity variations at depth. The transmitted frequencies ranged from 1 to 8,192 hertz. The effective low frequency (transition zone) is 16 Hz. The maximum depth of investigation varied from approximately 300 to 400 meters.

Rock resistivity is fundamentally a function of porosity and pore water resistivity as well as clay content. For this project, the highest resistivities are observed for the areas of silicified breccias and massive, variably silicified rhyolitic domes (Tr). There is also high resistivity observed for apparent volcanic units that may have been permeable hosts for hydrothermal fluids and silicification (Tts?). Low resistivity of less than 5 to 10 ohm-m is observed for post-intrusion volcaniclastic sediments and lacustrine deposits that overlie the rhyolitic rocks beneath the northeastern ends of the survey lines. Similarly, the tuff beds underlying Stockade Mountain to the southwest exhibit very low resistivity, suggesting they are likely volcaniclastic or lacustrine deposits, or that they have undergone significant clay alteration. Strong clay alteration alone can also produce such low resistivities.

High resistivity is observed for the Opal Hill area where a rhyolite dome (Tr) is exposed. The high resistivity is about 150 meters thick at its maximum with the highest resistivity values reaching 400 ohm- m (see Figure 9.1-1 Line 1800 Interpretative Section). The base of the high resistivity is relatively flat lying with variation in topography accounting for the variation in thickness. In the deepest drill holes (SM-23-02 and SM-24-04) the Tr extends well below the highest resistivity into resistivities of 25 to 55 ohm-m. Greenish clay/chlorite "propylitic" alteration was observed from 894 feet to the bottom of hole SM-23-02. A thick section of moderately-high resistivity extends to depth beneath the northeast half of the high resistivity dome. This Is suspected to be the dome vent area. A possible deep fault or contact and a potential fluid pathway lies along the west side of this feature. Some of the highest Au values encountered within the Project lie within the resistive Tr above this feature within an area of widely- spaced drilling. This structure is interpreted to continue at depth for approximately 600 meters along the northeast side of Opal Hill.

Figure 9.1-1 Line 1800 Interpretative Section

A large resistive mass is seen from the northwest side of Opal Hill to the Craters area (see Figure 9.1-2). This feature is thought to be a larger rhyolitic intrusive body that comes to within about 100 meters of the surface. The feature is associated with a magnetic low. The feature lies beneath a pronounced area of concave-northeast curvature forming the northern terminus of the Stockade Mountain ridgeline. The westerly-dipping tuff units appear to have steeper dips in this area than they do to the south.

The Craters Area lies within a northwest-trending zone of high resistivity that coincides with the vents. The vents have generally higher resistivity at surface and near-vertical, moderately high-resistivity resistive feeders extending beneath them. Low grade mineralization has been encountered in the axis of the vent on Line 3200 at a depth of approximately 120 meters. On Line 3400, a Broad, high-angle zone of moderately- high resistivity lies beneath the near-surface vent breccias. The highest Au values in the drill fence are intersected near the bottom of drill-hole SCM-7 which is the deepest hole near the axis of the high-resistivity zone.

A zone of high resistivity is observed beneath shallow volcanic cover in the southeast corner portion of the grid suggesting that Tr extends to the northeast beneath the Tertiary Sediments.

Figure 9.1-2 CSAMT Geophysics

10   DRILLING

Available records show 40 holes were drilled on Austin Gold's Stockade Mountain Property between 1989 and 1993 to explore for gold and silver mineralization that could be mined by open pit methods. A drill-hole summary is shown in Table 10-1 and a list of all known existing drill holes is included in Appendix C

During the winter of 2023-24, Austin Gold drilled 3 diamond drill holes totaling 2,435.9 feet (742.5 meters) in the Opal Hill/Number 9 Vein target area.

Table 10-1 Summary of Holes Drilled at Stockade Mountain Project

The location of all exploration holes drilled to date on the Project is shown in Figure 10-1. Additional information on the historical drill holes can be found in Section 6.8.

Figure 10-1 Drill Hole Location Map

10.1    2023-24 Austin Gold

On October 16, 2023, the Company initiated a diamond drilling program at the Stockade Mountain Project designed to test beneath the known high-level gold/silver-bearing stockworks mineralization for high-grade vein deposits formed deeper in the hydrothermal system. This is the first known use of diamond drilling on the Property, which allowed the Company to have a better understanding of the host rocks and mineralization.

The 2023 drilling program began testing what has been historically known as the "Number 9 Vein" or "Opal Hill" area in the central part of the Company's land package. Gold values from surface outcrops of the vein are weak, with a high value of 0.013 g/t. However, the historical drilling indicates that significant thicknesses of stockwork mineralization begin just below the surface and extend at least 1,250 feet (380 meters) eastward from the exposed vein zone and 2,300 feet (700 meters) along strike. The hypothesized high-grade gold/silver veins at Stockade Mountain would have formed within a vertical zone of vigorous boiling of the hydrothermal fluids near the base of and below the stockworks.

Austin Gold's drilling program consisted of three diamond drillholes totaling 2,435.9 feet (742.5 meters). The Company announced the gold assay results from the first two drillholes at its Stockade Mountain Project on January 30, 2024. These holes confirm that the mineralizing system at Stockade Mountain is robust and contains significant gold grades, with the strongest intercept of 8.19 g/t over 4 feet (1.2 meters) and several other gold intercepts of interest.

Results from the third and last drill hole of the program, SM-24-04, were announced on March 25, 2024, and include a gold intercept of 9.32 g/t over 2.7 feet (0.82 meters). These results continue to demonstrate the strength of the hydrothermal system and the potential for significant gold mineralization within the project area.

Extremely wet and muddy conditions due to significant rain, snow and an unusually warm winter caused substantial difficulties and delays while drilling the third hole. The Company shut down the drill program due to permitting restrictions and excessive disturbance caused by the drilling activity. The following table is of the most significant gold intercepts in these three holes:

10.2   Methodology and Logging Procedures

10.2.1 Hole Planning, Site Preparation and Set-Up

Drill sites and access roads were designed in Datamine Discover software and then laid out and flagged by Austin Gold's Vice President, Exploration. Road and drill site construction was accomplished with a Cat D-6 equivalent bulldozer by a contracting company based out of Meridian, Idaho.

A handheld GPS was used to locate all drill pads for the planned holes, and each site was constructed to the minimum size necessary to safely accommodate the drill rig, auxiliary equipment, and vehicles. Pads were prepared to a sufficient size, as terrain allowed, to enable drilling of multiple holes with varying azimuths from a single setup. To align the rig, front and back sights were established using stakes positioned just off the pad, and the drill rig was oriented parallel to these reference points. The supervising geologist approved the rig azimuth and verified the alignment after the mast was raised by the driller; final adjustments were made as required.

As of this time, drill hole collars have not been re-surveyed with a survey grade GPS.

10.2.2 Drill Collar Coordinates

Upon completion of drilling, the locations were re-surveyed by the geologist using a Garmin 65 GPS and marked on the ground with a wooden stake showing the hole ID. Coordinates are UTM NAD27 Z11.

10.2.3 Drilling Program

Austin Gold's core drilling contractor was Scout Drilling LLC, a subsidiary of Scout Discoveries Corp., based out of Coeur d'Alene Idaho. All drilling was HQ size (47.6 mm core diameter) core using a skid- mounted Hydracore HC2000 diamond core drill. Scout Discoveries Corp. was contracted to supply geologists and technicians to supervise the drilling, geologically log and photograph the core, cut and sample the core, and deliver the samples to Paragon Geochemical in Sparks Nevada for assaying.

10.2.4 Downhole Surveys

Downhole surveys were conducted by Scout Drilling using an EZ-Track surveying tool. The final hole in the program, SM-24-04, was not surveyed due to logistical issues.

Azimuth and dip were recorded nominally every 100 feet, with the first shot taken at the collar. The following chart shows the survey results.

10.2.5 Core Handling, Sampling, Logging and Security

Section 11.1.3 details the core handling, sampling, logging procedures, and security of core and samples.

10.3   Comment

In the opinion of the responsible Qualified Person, the drilling conducted by Austin Gold was completed in an appropriate manner consistent with common industry practice.

11 SAMPLE PREPARATION, ANALYSES AND SECURITY

This section summarizes the information known to the Qualified Person relating to sample preparation, analysis, and security, as well as quality assurance/quality control procedures and results, which pertain to the Stockade Mountain Project. The information as summarized in Table 11-1 has been compiled by the Qualified Person from historical records, personal communication with Mr. Bud Hillemeyer of La Cuesta International, Inc., and documentation provided for more recent exploration programs, including drilling conducted by Austin Gold Corp. No detailed information is available for work done by TMS, Carlin Gold, or Newmont Exploration.

Table 11-1 Documented Exploration Work on the Stockade Mountain Property

The laboratories utilized for analytical testing employed standard sample preparation methods typical of the industry, including drying of samples followed by primary crushing using a jaw crusher. Samples were further reduced using secondary crushing methods (e.g., cone or disk crusher) to produce a nominal minus ten-mesh product. A representative split was then taken and pulverized prior to analysis.

Except as noted, there were no descriptions found of sample security measures or chain of custody procedures utilized by the companies that collected surface samples at the Stockade Mountain Project.

Analytical laboratories typically employ internal quality control procedures, including the routine use of check assays at regular intervals within the sample stream.

All laboratories utilized for analytical testing are independent of Austin Gold Corp.

11.1   Surface Sampling

Each company used different geochemical laboratories, analytical methods, and quality control procedures for samples submitted for analysis. Table 11-2 summarizes this information for surface sampling programs.

Table 11-2 Project Sampling Campaign - Surface Samples

11.1.1 1990 BHP - Utah International

A total of 320 rock chip samples were collected by BHP. Of these, 42 samples were analyzed by Chemex Labs in Sparks, Nevada for 32 elements using ICP, with gold analyzed on 30 g samples by fire assay with an AAS finish. The remaining samples were analyzed by Bondar-Clegg in Sparks, Nevada for gold at a 5 ppb detection limit. Sample preparation included crushing and splitting followed by pulverizing to -150 mesh (prep codes 255, 295) (Spatz, 1991).

A total of 1,065 soil samples were collected by BHP and submitted to Geochemical Services Inc. (GSI) in Rocklin, California for analysis. The soil survey was preceded by a 100 feet by 100 feet orientation survey that involved sampling different soil horizons and analyzing separate mesh sizes down to -200 mesh. Based on the orientation study, the -80 mesh fraction was selected for analysis. Samples were collected well into the B horizon where possible, typically at a depth of approximately 14 inches. Soil analyses were performed on 30 g samples using a strong oxidizing acid and a selective organic extraction. Ultra- trace gold, with a detection limit of 0.2 ppb, was determined by graphite furnace atomic absorption, and an additional 14 elements were analyzed by ICP (Spatz, 1991).

A bulk-leach extractable gold (BLEG) survey comprising 36 samples was also conducted. Stream sediment samples were screened in the field to obtain 4 lb. of material passing -2 mm and were subsequently subjected to cyanide leach for 24 hours by American Assay Labs. Gold was analyzed by atomic absorption spectroscopy (Spatz, 1991).

No information was found regarding sample security measures or chain of custody procedures employed by BHP-Utah International. There is also no record of the inclusion of blanks, standards, or duplicate samples. Assay results for gold were reported in ppb, and assay certificates are available for most samples.

The certification status of Chemex during the period 1987-1990 is not documented; however, it was a well-known commercial laboratory and was independent of BHP.

11.1.2 1990 - 1992 Phelps Dodge

There were no descriptions found of sample preparation methods, sample security measures, or chain of custody procedures utilized by Phelps Dodge in the collection of surface samples at the Stockade Mountain Project.

Phelps Dodge collected a total of 405 rock chip samples and 75 soil samples on the Property and surrounding areas. The samples were submitted to Bondar-Clegg in Sparks, Nevada for analysis of gold by 30 g fire assay (reported in ppb), along with Ag, Cu, Mo, Pb, Zn, As, Sb, and Hg.

There is no record of the analytical methodology used by Bondar-Clegg for these samples. Duplicate samples were included in the sample stream. Assay results for gold were reported in ppb, and assay certificates are available for most samples.

11.1.3 1993 Placer Dome

There were no descriptions found of sample preparation methods, sample security measures, or chain of custody procedures utilized by Placer Dome in the collection of surface samples at the Stockade Mountain Project.

Placer Dome collected a total of 68 rock chip samples on the Property. The samples were submitted to Bondar-Clegg in Sparks, Nevada for analysis of gold by 30 g fire assay (reported in ppb), along with Ag, Cu, Mo, Pb, Zn, As, Sb, and Hg.

There is no record of the analytical methodology used by Bondar-Clegg for these samples. Duplicate samples were included in the sample stream. Assay results for gold were reported in ppb, and assay certificates are available for most samples.

11.1.4 2014-2016 La Cuesta International for The Electrum Group

Between 2014 and 2016, LCI collected a total of 128 rock chip samples in the Stockade Mountain area (Hillemeyer & Durning, Sept 2014), (Hillemeyer & Durning, Sample Designations and Summary of the 3rd Quarter 2015 Reconnaissance Exploration Program, Oregon and Nevada, March 2016), (Hillemeyer & Durning, September 2016).

La Cuesta International, Inc. and The Electrum Group geologists collected representative, semi- representative, and, in some instances, selective rock chip samples. Samples were collected primarily from rock outcrops, and locally from float boulders. Sample weights generally ranged from 1.5 to 2.5 kg and were placed in 7 x 12 inch cambric sample bags marked with the sample number in two locations on the bag. Sample locations were recorded using handheld GPS units, and detailed notes were recorded in field books. No sample tags were placed on the ground at sample locations. Samples were transported by La Cuesta and Electrum geologists directly from the project site to the ALS Minerals laboratory located at 4977 Energy Way, Reno, Nevada for analysis.

Upon receipt at the ALS facility, samples were sorted, bar-coded, and logged into the ALS system. The samples were then dried and weighed. Sample preparation followed ALS method CRU-31, consisting of fine crushing to better than 70% passing 2 mm (Tyler 9 mesh), followed by splitting using a riffle splitter (SPL-21). A split of up to 250 g was pulverized in a ring mill using a chrome steel ring set to at least 85% passing 75 µm (Tyler 150 mesh; method PUL-31).

Samples were assayed by an ICP method (ME-ICP61) for a suite of 33 elements: Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, and Zn. This method combines a four-acid digestion with inductively coupled plasma-atomic emission spectrometry (ICP-AES) instrumentation. A four-acid digestion quantitatively dissolves nearly all minerals in the majority of geological materials. Prepared sample (0.25 g) is digested with perchloric, nitric, hydrochloric and hydrofluoric acids. The residue is leached with dilute hydrochloric acid and diluted to volume. The final solution is then analyzed by inductively coupled plasma-atomic emission spectrometry and inductively coupled plasma-mass spectrometry. Results are corrected for spectral inter-element interferences.

Gold was analyzed by fire assay with AAS finish (ALS code Au-AA23) using a 30 g sample weight. The method offers detection limits from 0.005 to 10 ppm. A prepared sample was fused with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents as required, inquarted with 6 mg of gold- free silver and then cupelled to yield a precious metal bead. The bead was digested in 0.5 mL dilute nitric acid in the microwave oven. Concentrated hydrochloric acid (0.5 mL) was then added and the bead was further digested in the microwave at a lower power setting. The digested solution was cooled, diluted to a total volume of 4 mL with de-mineralized water, and analyzed by atomic absorption spectroscopy against matrix-matched standards

Assay results for Au were reported in ppm. Assay certificates are available for these samples.

11.1.5 2016-2020 The Electrum Group

Between 2016 and 2017, a total of 230 samples were collected during outcrop mapping by L. Buchanan, with field assistance by X. Buchanan (Buchanan & Buchanan, October 2017). Sample collection procedures are described in Section 11.1.4. Samples were submitted to ALS Minerals in Reno, Nevada for analysis.

Sample preparation and analytical procedures, including crushing, splitting, pulverization, multi-element analysis by ICP (ME-ICP61), and gold analysis by fire assay with AAS finish (Au-AA23), were consistent with those described above for La Cuesta International in Section 11.1.4.

Standards and blanks were included in the sample stream. Assay results for gold were reported in ppm, and assay certificates are available for most samples. These procedures are consistent with accepted industry practices at the time the work was conducted (2016-2017).

11.2   Historical Drilling

Each company utilized different analytical laboratories, methods, and quality control procedures for drill samples submitted for analysis. Table 11-3 summarizes the available information for historical drilling programs.

Table 11-3 Project Sampling Campaign - Drill Holes

*not complete inventory

11.2.1 1990 BHP - Utah International

A total of 18 drill holes were completed by BHP-Utah International, totaling 6,205 feet. Both 5-foot and 20-foot sample intervals were collected. Samples were submitted to American Assay Laboratories in Sparks, Nevada for analysis. No information is available regarding sample preparation methods, sample security, or chain of custody procedures utilized by American Assay Laboratories.

The 20-foot sample intervals were initially analyzed for gold and a suite of approximately 30 additional elements. Intervals anomalous in gold were subsequently reanalyzed at 5-foot intervals (Spatz, 1991).

Gold analyses were performed on 30 g samples by fire assay. For multi-element analysis, a 0.5 g pulp sample was digested using hydrochloric and nitric acid at 95°C for one hour. The digestion is partial for B, Ba, Ca, Cr, Fe, La, Mg, Mn, Sr, Ti, and W, and limited for Al, K, and Na.

There are no records of the inclusion of blanks, standards, or duplicate samples. Assay results for gold were reported in ppm, and assay certificates are available for most drill holes.

11.2.2 1990 - 1991 Phelps Dodge

From 1990 through 1991, 22 reverse circulation holes totaling 9,555 feet were drilled on the Property.

There were no descriptions found of sample collection and preparation methods utilized by Phelps Dodge for the drill hole samples at Stockade Mountain.

In 1990, assay certificates show that 611 5-foot samples from holes STKDH 7 through STKDH-13 were sent to Bondar-Clegg in Sparks, Nevada for analysis. In 1991, assay certificates show that 832 5-foot samples from holes STKDH-14 through STKDH-22 were sent to Bondar-Clegg in North Vancouver, British Columbia for analysis. There were no descriptions found of sample analytical methods utilized by Bondar-Clegg in the analysis of drilling samples at Stockade Mountain.

Holes 7, 8, 9, 11, 12, 13, 20, 21 and 22 were analyzed for Au (reported in ppb), Ag, Cu, Pb, Zn, Mo, As, Sb, Hg. Holes 10, 14, 15, 16, 17, 18, and 19 were analyzed for Au only.

There are no records of included standards, blanks or duplicate samples. Assay results for Au were reported in ppb. Assay certificates are available for holes 7 through 22. Hole 10 assay certificates for samples within the 200'-400' interval are missing.

11.2.3 1992 Carlin Gold

In 1992, Carlin Gold completed a total of seven percussion drill holes totaling 2,870 feet on the Property.

There are no descriptions available for the sample collection methods utilized by Carlin Gold for drill hole samples at the Stockade Mountain Project. A total of 572 samples, collected at 5-foot intervals, were submitted to Chemex Labs in Sparks, Nevada. Samples were crushed and split, then pulverized to approximately -150 mesh (prep codes 205, 274).

Gold analyses were performed on 30 g samples by fire assay with an atomic absorption finish. Additional elements, including Ag, As, Hg, and Sb, were analyzed by aqua regia digestion.

There are no records of the inclusion of blanks, standards, or duplicate samples. Assay results for gold were reported in ppb, and assay certificates are available for all drill holes.

11.2.4 1993 Placer Dome

In 1993, Placer Dome completed a total of ten reverse circulation drill holes totaling 4,330 feet. Samples were collected at 5-foot intervals and submitted to Chemex Labs in Sparks, Nevada. Samples were crushed and split, then pulverized to approximately -150 mesh.

Gold analyses were performed on 30 g samples by fire assay with an atomic absorption finish (Chemex code 983). A total of 49 samples were reanalyzed at Chemex using fire assay with atomic absorption finish (Chemex code 983/FA-AAS) and cold 30 g cyanide leach with direct atomic absorption analysis (Chemex code 830/CN-AAS).

Other than the analytical procedures described above, no information was found regarding sample preparation methods, sample security measures, or chain of custody procedures utilized by Placer Dome during drilling at the Stockade Mountain Project.

11.3   Austin Gold Corp. Drilling

11.3.1 Core Handling Logistics and Security

During Austin Gold Corp.'s 2023-2024 drilling program, drill core was transported from the drill rig to the Company's core storage facility in Hines, Oregon by Scout Drilling or Scout Discoveries personnel. The facility consists of a secure building located within a fenced yard with locked gates. The facility is used for the storage of drill core, coarse rejects, pulps, and related supplies, and remains in use for current and future exploration activities.

Drill core and samples were maintained within the secured facility or were under the control of Scout Discoveries personnel during transport.

11.3.2 Core Photography and Sampling

Upon receipt at the core storage facility, drill core was photographed under both natural and ultraviolet light, and then sawn in half using a standard electric core saw. Sample duplicates were generated by quartering the core.

Sample intervals were nominally 5 feet in length but were adjusted to reflect lithologic, alteration, and mineralization boundaries. Samples were placed in bags and assigned unique identification numbers using standard sample cards with a sequential numbering sequence that is completely anonymous. One tag was inserted into the sample bag, and a corresponding tag was stapled into the core box to indicate the sample location.

11.3.3 Sample preparation, assaying and analytical procedures

Samples were transported by Scout Discoveries personnel to Paragon Geochemical in Sparks, Nevada for sample preparation and analysis.

Sample preparation was conducted using Paragon's "PREP-PKG" protocol, which includes inventory and weighing, drying at 100°C, crushing to 70% passing 10 mesh, riffle splitting to obtain a 250 g subsample, and pulverizing to 85% passing 200 mesh.

All samples were analyzed for gold using method Au-AA30, consisting of a 30 g fire assay with an aqua regia digest and atomic absorption spectroscopy (AAS) finish. Any samples returning values above the upper detection limit were reanalyzed using method Au-GR30, which consists of a 30 g fire assay with a gravimetric finish.

11.3.4 QA/QC Assaying

Rig duplicates were generated by splitting the remaining half core after primary sampling and were submitted to the primary laboratory (Paragon Geochemical) using the same analytical methods as the original samples. These duplicates were used to assess sampling precision and inherent geological variability. The duplicate samples were assigned unique sample numbers and inserted immediately following the original samples in the sample sequence. Results for rig duplicates are summarized in Table 11-4.

Table 11-4 Rig Duplicates

* Sample ID mislabeled on original sample bag and sample sheet; correct ID should be H584900.

Coarse-Reject Duplicates (also referred to as preparation duplicates) are generated from splits of the original coarse reject material produced during the initial crushing and splitting stage. These samples are submitted to the primary laboratory and are used to assess variability introduced during sample preparation, as well as inherent geological variability. Duplicate samples were assigned new sample numbers to maintain blind submission to the laboratory. Results are summarized in Table 11-5.

Table 11-5 Coarse Reject Duplicates