AUSTIN GOLD CORP.
UNAUDITED CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Expressed in United States dollars)
AUSTIN GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited - Expressed in United States dollars
| Note | September 30, | December 31, | |||||
| 2026 | 2025 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 3 | $ | 257,564 | $ | 573,159 | ||
| Short-term investments | 4 | 1,014,191 | 2,571,468 | ||||
| Receivables and other | 5 | 157,810 | 80,419 | ||||
| 1,429,565 | 3,225,046 | ||||||
| Non-current assets | |||||||
| Marketable securities | 12,580 | 22,138 | |||||
| Exploration and evaluation ("E&E") assets | 6 | 4,916,815 | 5,145,112 | ||||
| Property and equipment | 11,271 | 6,966 | |||||
| Total assets | $ | 6,370,231 | $ | 8,399,262 | |||
| LIABILITIES | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | 7 , 9 | $ | 68,703 | $ | 128,924 | ||
| 68,703 | 128,924 | ||||||
| EQUITY | |||||||
| Share capital | 8 | 17,209,080 | 17,209,080 | ||||
| Other reserves | 8 | 3,375,417 | 3,351,326 | ||||
| Accumulated other comprehensive income (loss) ("AOCI") | (574,949 | ) | (574,949 | ) | |||
| Deficit | (13,708,020 | ) | (11,715,119 | ) | |||
| 6,301,528 | 8,270,338 | ||||||
| Total liabilities and equity | $ | 6,370,231 | $ | 8,399,262 | |||
| Nature of operations and going concern | 1 | ||||||
| Commitments | 11 |
Approved on behalf of the Board of Directors:
| "Tom S.Q. Yip" | "Dennis L. Higgs" | |
| Tom S.Q. Yip | Dennis L. Higgs | |
| Chair of the Audit Committee and Lead Director |
Executive Chairman, Chief Executive Officer and Director (together, the "CEO") |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
AUSTIN GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Unaudited - Expressed in United States dollars, except for share data
| For the three months ended | For the nine months ended | ||||||||||||
| Note | September 30, | September 30, | September 30, | September 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Administrative expenses | |||||||||||||
| Management salaries and consulting fees | 9 | $ | 157,601 | $ | 156,210 | $ | 502,551 | $ | 468,844 | ||||
| Professional fees | 66,163 | 44,932 | 323,929 | 159,154 | |||||||||
| Listing and filing fees | 1,642 | 2,794 | 173,200 | 70,655 | |||||||||
| Insurance | 56,785 | 50,484 | 158,779 | 170,733 | |||||||||
| General and administrative | 12,351 | 15,000 | 33,908 | 36,750 | |||||||||
| Share-based compensation | 8 , 9 | 5,328 | 32,311 | 24,091 | 212,679 | ||||||||
| Shareholder information | 1,704 | 1,564 | 17,342 | 15,377 | |||||||||
| Travel expenses | 2,071 | 5,693 | 11,833 | 24,085 | |||||||||
| Investor relations and marketing | 40 | 3,811 | 4,867 | 48,235 | |||||||||
| Depreciation | 1,145 | 695 | 2,840 | 2,084 | |||||||||
| Operating loss | (304,830 | ) | (313,494 | ) | (1,253,340 | ) | (1,208,596 | ) | |||||
| Write-off of E&E assets | 6 | (189 | ) | (189 | ) | (770,963 | ) | (959 | ) | ||||
| Unrealized fair value (loss) gain on marketable securities | 648 | 5,495 | (9,558 | ) | 6,827 | ||||||||
| Foreign exchange (loss) gain | (1,442 | ) | (2,590 | ) | (9,314 | ) | 1,245 | ||||||
| Interest and finance income | 11,731 | 39,946 | 50,424 | 135,791 | |||||||||
| Loss before taxes | (294,082 | ) | (270,832 | ) | (1,992,751 | ) | (1,065,692 | ) | |||||
| Current income tax expense | - | - | (150 | ) | (150 | ) | |||||||
| Net loss and comprehensive loss for the period | $ | (294,082 | ) | $ | (270,832 | ) | $ | (1,992,901 | ) | $ | (1,065,842 | ) | |
| Loss per share - basic and diluted | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.15 | ) | $ | (0.08 | ) | |
| Weighted average number of common shares outstanding | 13,693,001 | 13,491,699 | 13,693,001 | 13,345,872 | |||||||||
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
AUSTIN GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited - Expressed in United States dollars
| For the three months ended | For the nine months ended | ||||||||||||
| Note | September 30, | September 30, | September 30, | September 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Cash flows used in operating activities | |||||||||||||
| Net loss for the period | $ | (294,082 | ) | $ | (270,832 | ) | $ | (1,992,901 | ) | $ | (1,065,842 | ) | |
| Items not affecting cash: | |||||||||||||
| Current income tax expense | - | - | 150 | 150 | |||||||||
| Depreciation | 1,145 | 695 | 2,840 | 2,084 | |||||||||
| Interest and finance income | (11,731 | ) | (39,946 | ) | (50,424 | ) | (135,791 | ) | |||||
| Share-based compensation | 8 | 5,328 | 32,311 | 24,091 | 212,679 | ||||||||
| Unrealized fair value loss (gain) on marketable securities | (648 | ) | (5,495 | ) | 9,558 | (6,827 | ) | ||||||
| Unrealized foreign exchange loss (gain) | (856 | ) | 838 | 658 | (506 | ) | |||||||
| Write-off of E&E assets | 6 | 189 | 189 | 770,963 | 959 | ||||||||
| Changes in non-cash working capital items: | |||||||||||||
| Receivables and other | 45,343 | (197,664 | ) | (76,736 | ) | (269,729 | ) | ||||||
| Accounts payable and accrued liabilities | (49,885 | ) | (10,184 | ) | (71,994 | ) | (36,326 | ) | |||||
| Income taxes paid | - | - | (150 | ) | (150 | ) | |||||||
| Net cash used in operating activities | (305,197 | ) | (490,088 | ) | (1,383,945 | ) | (1,299,299 | ) | |||||
| Cash flows generated by investing activities | |||||||||||||
| Expenditures on E&E assets | (328,611 | ) | (494,030 | ) | (529,934 | ) | (818,820 | ) | |||||
| Interest received | 17,193 | 60,514 | 57,701 | 157,521 | |||||||||
| Purchase of property and equipment | - | - | (7,145 | ) | - | ||||||||
| Purchase of short-term investments | - | (1,250,000 | ) | (850,000 | ) | (3,500,000 | ) | ||||||
| Redemption of short-term investments | 500,000 | 1,750,000 | 2,400,000 | 5,100,000 | |||||||||
| Net cash generated by investing activities | 188,582 | 66,484 | 1,070,622 | 938,701 | |||||||||
| Cash flows generated by financing activities | |||||||||||||
| Proceeds from exercise of share options | - | 339,532 | - | 339,532 | |||||||||
| Net cash generated by financing activities | - | 339,532 | - | 339,532 | |||||||||
| Decrease in cash and cash equivalents for the period | (116,615 | ) | (84,072 | ) | (313,323 | ) | (21,066 | ) | |||||
| Cash and cash equivalents, beginning of period | 3 | 373,080 | 448,765 | 573,159 | 381,899 | ||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,099 | (1,262 | ) | (2,272 | ) | 2,598 | |||||||
| Cash and cash equivalents, end of period | 3 | $ | 257,564 | $ | 363,431 | $ | 257,564 | $ | 363,431 | ||||
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
AUSTIN GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited - Expressed in United States dollars, except for share data
| Note | Number of common shares |
Share capital |
Other reserves |
AOCI | Deficit | Total | |||||||||||||
| Balance - December 31, 2024 | 13,271,750 | $ | 16,568,175 | $ | 3,390,199 | $ | (574,949 | ) | $ | (10,099,253 | ) | $ | 9,284,172 | ||||||
| Exercise of share options | 8 | 421,251 | 640,905 | (301,373 | ) | - | - | 339,532 | |||||||||||
| Value assigned to share options vested | 8 | - | - | 239,275 | - | - | 239,275 | ||||||||||||
| Net loss for the period | - | - | - | - | (1,065,842 | ) | (1,065,842 | ) | |||||||||||
| Balance - September 30, 2025 | 13,693,001 | $ | 17,209,080 | $ | 3,328,101 | $ | (574,949 | ) | $ | (11,165,095 | ) | $ | 8,797,137 | ||||||
| Balance - December 31, 2025 | 13,693,001 | $ | 17,209,080 | $ | 3,351,326 | $ | (574,949 | ) | $ | (11,715,119 | ) | $ | 8,270,338 | ||||||
| Value assigned to share options vested | 8 | - | - | 24,091 | - | - | 24,091 | ||||||||||||
| Net loss for the period | - | - | - | - | (1,992,901 | ) | (1,992,901 | ) | |||||||||||
| Balance - September 30, 2026 | 13,693,001 | $ | 17,209,080 | $ | 3,375,417 | $ | (574,949 | ) | $ | (13,708,020 | ) | $ | 6,301,528 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
 |
AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
1. NATURE OF OPERATIONS AND GOING CONCERN
(a) Nature of operations
Austin Gold Corp. (the "Company") was incorporated on April 21, 2020, in British Columbia ("BC"), Canada. The Company is a reporting issuer in BC and its common shares are traded on the NYSE American stock exchange under the symbol "AUST". The Company's address is the 9th Floor, 1021 West Hastings Street, Vancouver, BC, Canada, V6E 0C3.
The Company is focused on the acquisition, exploration and evaluation of mineral resource properties primarily in the western United States of America ("USA").
The Company has not yet determined whether its mineral resource properties contain mineral reserves that are economically recoverable. The continued operation of the Company is dependent upon the preservation of its interest in its properties, the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration, evaluation and development of such properties and upon future profitable production or proceeds from the disposition of such properties.
(b) Going concern assumption
These unaudited condensed interim consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from September 30, 2026. For the nine months ended September 30, 2026, the Company incurred a net loss of $1,992,901 and used cash in operating activities of $1,383,945. As at September 30, 2026, the Company has an accumulated deficit of $13,708,020 that has been funded by equity financings.
The Company has no current source of revenue or cash flow from operating activities, has incurred ongoing losses and expects to incur further losses in the advancement of its business. To address its financing requirements, the Company plans to seek financing through, but not limited to, debt financing, equity financing and strategic alliances. However, there is no assurance that such financing will be available. If adequate financing is not available or cannot be obtained on a timely basis, the Company may be required to delay, reduce the scope of or eliminate one or more of its exploration programs, or relinquish some or all of its rights under existing mineral lease and option agreements.
On February 10, 2026, the Company entered into an At-The-Market Offering Agreement ("ATM Agreement") with H. C. Wainwright & Co., LLC (the "Lead Manager") as lead manager and Roth Capital Partners, LLC as co-manager, pursuant to which the Company may, from time to time and at its sole discretion, offer and sell common shares of the Company through the Lead Manager in accordance with the applicable securities laws and any effective registration statement and prospectus then in effect. As at September 30, 2026, the Company has not issued any common shares under the ATM Agreement (refer to note 8).
The above factors give rise to material uncertainties that raise substantial doubt on the Company's ability to continue as a going concern. If the going concern assumption were not appropriate for these unaudited condensed interim consolidated financial statements, then adjustments would be necessary to the carrying values of assets, liabilities, the reported expenses and the condensed interim consolidated statement of financial position classifications used. Such adjustments could be material.
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
2. MATERIAL ACCOUNTING POLICY INFORMATION
(a) Statement of compliance
These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting using accounting policies consistent with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards").
The Company's material accounting policy information applied in these unaudited condensed interim consolidated financial statements are the same as those disclosed in note 3 of the Company's audited annual consolidated financial statements for the years ended December 31, 2025, 2024 and 2023. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's most recent audited annual consolidated financial statements.
The functional currency of the Company and its subsidiary is the United States dollar ("USD" or "$"). The presentation currency of these unaudited condensed interim consolidated financial statements is USD. Any reference to Canadian dollars is denoted by "C$" or "CAD".
These unaudited condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on November 4, 2026.
(b) Significant accounting estimates and judgments
The preparation of financial statements requires the use of accounting estimates. It also requires management to exercise judgment in the process of applying its accounting policies. Estimates and policy judgments are regularly evaluated and are based on management's experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
Significant accounting policy judgments include:
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
(c) New accounting standards and recent pronouncements
The following standards, amendments and interpretations have been issued but are not yet effective:
There are no other IFRS Accounting Standards or International Financial Reporting Interpretations Committee interpretations that are not yet effective or early adopted that are expected to have a significant impact on the Company.
3. CASH AND CASH EQUIVALENTS
As at September 30, 2026, the composition of cash and cash equivalents consists of cash in the amount of $257,564 (December 31, 2025 - $573,159). The Company does not hold any term deposits with an original maturity date of less than three months.
4. SHORT-TERM INVESTMENTS
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Redeemable short-term investment certificates ("RSTICs") | $ | 1,014,191 | $ | 656,567 | ||
| Term deposits | - | 1,914,901 | ||||
| $ | 1,014,191 | $ | 2,571,468 |
As at September 30, 2026, the RSTICs mature between October 26, 2026 and June 7, 2027.
5. RECEIVABLES AND OTHER
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Prepaid expenses and deposits | $ | 142,037 | $ | 66,615 | ||
| Tax receivables | 15,773 | 13,804 | ||||
| $ | 157,810 | $ | 80,419 |
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
6. E&E ASSETS
The E&E assets of the Company, by property and nature of expenditure, as of September 30, 2026 were as follows:
| Stockade Mountain |
Lone Mountain |
Kelly Creek |
Fourmile Basin |
Total | |||||||||||
| Balance - December 31, 2025 | $ | 2,433,951 | $ | 1,941,225 | $ | 769,936 | $ | - | $ | 5,145,112 | |||||
| E&E expenditures: | |||||||||||||||
| Acquisition costs | 25,000 | - | - | - | 25,000 | ||||||||||
| Assays | 293 | - | - | - | 293 | ||||||||||
| Consulting | 45,615 | 118,170 | - | 750 | 164,535 | ||||||||||
| Field supplies and rentals | 297 | 1,433 | - | - | 1,730 | ||||||||||
| Field work | 9,725 | 28,643 | - | - | 38,368 | ||||||||||
| Geophysics | 5,650 | 4,163 | - | - | 9,813 | ||||||||||
| Government payments | 72,721 | 201,636 | - | 189 | 274,546 | ||||||||||
| Technical and assessment reports | 22,431 | 525 | - | - | 22,956 | ||||||||||
| Travel | 473 | 4,864 | - | 88 | 5,425 | ||||||||||
| Write-off of E&E assets | - | - | (769,936 | ) | (1,027 | ) | (770,963 | ) | |||||||
| Total E&E expenditures | 182,205 | 359,434 | (769,936 | ) | - | (228,297 | ) | ||||||||
| Balance - September 30, 2026 | $ | 2,616,156 | $ | 2,300,659 | $ | - | $ | - | $ | 4,916,815 |
(a) Stockade Mountain Project (Oregon, USA)
The Company entered into a mineral lease and option agreement with Bull Mountain Resources, LLC ("BMR") to lease a 100% interest in the Stockade Mountain Project. Under the terms of the agreement, the Company is subject to the following pre-production payments:
| May 16, 2022 | $15,000 | Paid |
| November 16, 2022 | $10,000 | Paid |
| May 16, 2023 | $10,000 | Paid |
| November 16, 2023 | $15,000 | Paid |
| May 16, 2024 | $15,000 | Paid |
| November 16, 2024 | $25,000 | Paid |
| May 16, 2025 | $25,000 | Paid |
| November 16, 2025 | $25,000 | Paid |
| May 16, 2026 | $25,000 | Paid |
| November 16, 2026 and every six months thereafter | $25,000 |
BMR will retain a 2.0% net smelter return royalty on claims owned by BMR and 0.25% net smelter return royalty on third-party claims acquired within the area of influence around the property. Payments to BMR totaling $10,000,000 in any combination of pre-production payments, production or minimum royalties will reduce the production royalties on wholly owned claims from 2.0% to 1.0%.
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
6. E&E ASSETS (Continued)
(b) Lone Mountain Project (Nevada, USA)
The Company entered into a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO. Under the terms of the agreement, the Company is subject to the following pre-production payments:
| Signing of the lease | $80,000 | Paid |
| November 1, 2021 | $30,000 | Paid |
| November 1, 2022 | $20,000 | Paid |
| November 1, 2023 | $20,000 | Paid |
| November 1, 2024 | $30,000 | Paid |
| November 1, 2025 | $30,000 | Paid |
| November 1, 2026 | $40,000 | Paid(1) |
| November 1, 2027 and every year thereafter(2) | $50,000 |
(1) Paid subsequent to September 30, 2026.
(2) Pre-production payments increase by $10,000 every year after November 1, 2025 to a maximum of $200,000.
The Company is required to incur the following minimum E&E expenditures on the property:
| September 1, 2024 | $150,000 | Completed |
| September 1, 2025 | $250,000 | Completed |
| September 1, 2026 | $300,000 | Completed |
| September 1, 2027 | $300,000 | In progress |
| September 1, 2028 | $400,000 | In progress |
| September 1, 2029(1) | $400,000 | In progress |
(1) The work commitment terminates when $1,800,000 has been spent on the property.
Any mineral production on the claims is subject to a 3.0% net smelter return royalty. The net smelter return royalty can be reduced from 3.0% to 2.5% for $2,000,000. The Company has the option to purchase the entire interest in the project, except for the royalty, once there is a discovery of at least 500,000 ounces of gold (or equivalent in other metals) or a pre-feasibility study has been completed. The Company may exercise this option by payment of $2,000,000, reduced by the pre-production payments paid to the date of purchase.
(c) Kelly Creek Project (Nevada, USA)
In 2020, the Company entered into an Exploration and Option to Enter Joint Venture Agreement (the "Agreement") with Pediment Gold LLC ("Pediment"), a subsidiary of URZ3 Energy Corp. ("URZ") (formerly Nevada Exploration Inc. ("NGE")), for an option to earn up to a 70% interest in a joint venture on the Kelly Creek Project.
On June 1, 2026, the Company terminated the Agreement for the Kelly Creek Project. As a result of the termination, the Company recognized a write-off of E&E assets related to the Kelly Creek Project of $769,936 (2025 - $nil) for the nine months ended September 30, 2026, which was recorded in the unaudited condensed interim consolidated statement of loss and comprehensive loss.
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
6. E&E ASSETS (Continued)
(d) Project reclamation requirements
As at September 30, 2026, the Company holds total surety bonds of $38,863 in favour of the United States Department of the Interior Bureau of Land Management and $43,252 in favour of the Oregon Department of Geology and Mineral Industries in support of the reclamation requirements for its projects.
7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Trade payables | $ | 56,252 | $ | 63,990 | ||
| Accrued liabilities | 12,451 | 64,934 | ||||
| $ | 68,703 | $ | 128,924 |
8. SHARE CAPITAL AND OTHER RESERVES
(a) Share capital
At September 30, 2026, the authorized share capital of the Company consisted of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value.
On February 10, 2026, the Company entered into an ATM Agreement. Under the terms of the ATM Agreement, the Company may, from time to time and at its sole discretion, offer and sell common shares of the Company through the Lead Manager in accordance with the applicable securities laws and any effective registration statement and prospectus then in effect.
As at September 30, 2026, the Company has not issued any common shares under the ATM Agreement.
(b) Other reserves
The Company's other reserves consisted of the following:
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Other reserve - Share options | $ | 3,312,189 | $ | 3,288,098 | ||
| Other reserve - Warrants | 63,228 | 63,228 | ||||
| $ | 3,375,417 | $ | 3,351,326 |
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
8. SHARE CAPITAL AND OTHER RESERVES (Continued)
(c) Share options
The following table summarizes the changes in share options for the nine months ended September 30:
| 2026 | 2025 | |||||||||||
| Number of share options |
Weighted average exercise price |
Number of share options |
Weighted average exercise price |
|||||||||
| Outstanding, January 1, | 2,946,666 | $ | 1.00 | 3,621,666 | $ | 1.01 | ||||||
| Exercised | - | - | (421,251 | ) | 0.81 | |||||||
| Forfeited | - | - | (103,750 | ) | 0.77 | |||||||
| Expired | - | - | (149,999 | ) | 2.18 | |||||||
| Outstanding, September 30, | 2,946,666 | $ | 0.99 | 2,946,666 | $ | 1.00 | ||||||
For the options exercised during the period, the related weighted average share price at the time of exercise was $nil (2025 - $1.44).
The following table summarizes information about share options outstanding and exercisable at September 30, 2026:
| Share options outstanding | Share options exercisable | |||||||||||
| Exercise prices | Number of share options outstanding |
Weighted average years to expiry |
Number of share options exercisable |
Weighted average exercise price |
||||||||
| $0.51 - $1.00 | 2,530,002 | 2.01 | 2,530,002 | $ | 0.81 | |||||||
| $2.01 - $2.50 | 416,664 | 4.18 | 416,664 | 2.11 | ||||||||
| 2,946,666 | 2.32 | 2,946,666 | $ | 0.99 | ||||||||
The total share-based compensation expense for the nine months ended September 30, 2026 was $24,091 (2025 - $239,275) of which $24,091 (2025 - $212,679) has been expensed in the unaudited condensed interim consolidated statement of loss and comprehensive loss and $nil (2025 - $26,596) has been capitalized to E&E assets.
9. RELATED PARTY TRANSACTIONS AND BALANCES
Key management personnel consist of the Company's directors and officers including its CEO, Vice President ("VP") Exploration, VP Business Development, and Chief Financial Officer and Corporate Secretary (together, the "CFO").
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
9. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)
Directors and key management compensation is as follows:
| For the three months ended | For the nine months ended | |||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Management salaries and consulting fees | $ | 183,371 | $ | 168,768 | $ | 579,862 | $ | 513,191 | ||||
| Directors' fees | 19,230 | 19,232 | 57,689 | 56,098 | ||||||||
| Share-based compensation | 4,736 | 46,757 | 22,176 | 234,267 | ||||||||
| $ | 207,337 | $ | 234,757 | $ | 659,727 | $ | 803,556 | |||||
For the nine months ended September 30, 2026, the Company's officers were reimbursed $324,486 (2025 - $354,401) for expenditures incurred in the normal course of business on behalf of the Company.
For the nine months ended September 30, 2026, the Company incurred $58,946 (2025 - $47,874) of expenditures from P2 Gold Inc. under a CFO shared-services agreement. These expenditures were expensed under management salaries and consulting fees in the unaudited condensed interim consolidated statement of loss and comprehensive loss.
As at September 30, 2026, accounts payable and accrued liabilities include $42,084 (December 31, 2025 - $30,556) owed to related parties of the Company for transactions incurred in the normal course of business.
The Company entered into the Agreement with Pediment, a subsidiary of URZ (formerly NGE), for the Kelly Creek Project (refer to note 6(c)) and owns 89,240 common shares of URZ (formerly NGE). As at September 30, 2026, the VP Business Development and a director of the Company serve as directors of URZ (formerly NGE). On January 1, 2026, the VP Business Development was appointed interim Chief Executive Officer of URZ (formerly NGE).
10. FINANCIAL RISK MANAGEMENT
The Company has exposure to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk from its use of financial instruments.
(a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Company's cash flows or value of its financial instruments.
(i) Currency risk
The Company is subject to currency risk on financial instruments that are denominated in currencies that are not the same as the functional currency of the entity that holds them. Exchange gains and losses would impact the unaudited condensed interim consolidated statement of loss and comprehensive loss. The Company does not use any hedging instruments to reduce exposure to fluctuations in foreign currency rates.
The Company is exposed to currency risk through cash and cash equivalents, receivables and other, marketable securities and accounts payable and accrued liabilities held in the parent entity which are denominated in CAD.
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
10. FINANCIAL RISK MANAGEMENT (Continued)
The following table shows the impact on pre-tax loss of a 10% change in the USD:CAD exchange rate on financial assets and liabilities denominated in CAD, as of September 30, 2026, with all other variables held constant:
| Impact of currency rate change on pre-tax loss | ||||||
| 10% increase | 10% decrease | |||||
| Cash and cash equivalents | $ | 7,076 | $ | (7,076 | ) | |
| Receivables and other | 2,282 | (2,282 | ) | |||
| Marketable securities | 1,258 | (1,258 | ) | |||
| Accounts payable and accrued liabilities | (2,554 | ) | 2,554 | |||
(ii) Interest rate risk
The Company is subject to interest rate risk with respect to its investments in cash and cash equivalents and short-term investments. The Company's current policy is to invest cash at variable and fixed rates of interest with cash reserves to be maintained in cash and cash equivalents in order to maintain liquidity. Fluctuations in interest rates when cash and cash equivalents and short-term investments mature impact interest and finance income earned.
The impact on pre-tax loss of a 1% change in variable interest rates on financial assets and liabilities as of September 30, 2026, with all other variables held constant, would be nominal.
(b) Credit risk
Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its financial assets including cash and cash equivalents and short-term investments.
The carrying amount of financial assets represents the maximum credit exposure:
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Cash and cash equivalents | $ | 257,564 | $ | 573,159 | ||
| Short-term investments | 1,014,191 | 2,571,468 | ||||
| $ | 1,271,755 | $ | 3,144,627 |
The Company mitigates its exposure to credit risk on financial assets through investing its cash and cash equivalents and short-term investments with Canadian Tier 1 chartered financial institutions. Management believes there is a nominal expected credit loss associated with its financial assets.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities.
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
10. FINANCIAL RISK MANAGEMENT (Continued)
The Company has issued surety bonds to support future decommissioning and restoration provisions (refer to note 6(d)).
Contractual undiscounted cash flow requirements for contractual obligations as at September 30, 2026 are as follows:
| Carrying amount |
Contractual cash flows |
Due within 1 year |
Due within 2 years |
Due within 3 years |
|||||||||||
| Accounts payable and accrued liabilities | $ | 68,703 | $ | 68,703 | $ | 68,703 | $ | - | $ | - | |||||
| $ | 68,703 | $ | 68,703 | $ | 68,703 | $ | - | $ | - |
(d) Fair value estimation
The Company's financial assets and liabilities are initially measured and recognized according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs.
The three levels of fair value hierarchy are as follows:
| Level 1: | Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. |
| Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
| Level 3: | Inputs for the asset or liability that are not based on observable market data. |
The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis, by level, within the fair value hierarchy.
| As at September 30, 2026 | Fair value | |||||||||||
| Carrying value |
Level 1 | Level 2 | Level 3 | |||||||||
| Financial assets | ||||||||||||
| Marketable securities | $ | 12,580 | $ | 12,580 | $ | - | $ | - | ||||
| $ | 12,580 | $ | 12,580 | $ | - | $ | - | |||||
| As at December 31, 2025 | Fair value | |||||||||||
| Carrying value |
Level 1 | Level 2 | Level 3 | |||||||||
| Financial assets | ||||||||||||
| Marketable securities | $ | 22,138 | $ | 22,138 | $ | - | $ | - | ||||
| $ | 22,138 | $ | 22,138 | $ | - | $ | - | |||||
The Company's financial instruments consisting of cash and cash equivalents, short-term investments and accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these financial instruments.
Marketable securities are fair valued at each reporting period using URZ's (formerly NGE's) share price on the TSX Venture Exchange.
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AUSTIN GOLD CORP. NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended September 30, 2026 and 2025 Expressed in United States dollars, except for share data |
11. COMMITMENTS
The Company executed an introductory agent agreement with BMR (the "BMR Agreement"). Under the BMR Agreement, should a mineral property recommended by BMR be acquired by the Company, the Company shall pay an introductory agent fee as follows:
| Within 15 days of acquisition | $5,000 |
| 6 months after acquisition | $5,000 |
| 12 months after acquisition | $5,000 |
| 18 months after acquisition | $5,000 |
| 24 months after acquisition | $7,500 |
| 30 months after acquisition | $7,500 |
| 36 months after acquisition | $10,000 |
| 42 months after acquisition | $10,000 |
| 48 months after acquisition and every six months thereafter |
$15,000 |
If commercial production is achieved on a property recommended by BMR, the Company shall pay a 0.5% net smelter return royalty on all mineral interests acquired within the area of influence of the mineral property. Introductory agent fees and net smelter return royalty payments totaling $1,000,000 paid by the Company will reduce the net smelter return royalty by 50% to 0.25%.
As at September 30, 2026, the BMR Agreement is not in effect for any of the Company's mineral projects.
12. SEGMENTED INFORMATION
Exploration and development of mineral projects is considered the Company's single business segment. All of the Company's E&E assets are located in the USA.