Austin Gold is an early-stage gold exploration company with no producing assets and no revenue. The company holds interests in three exploration properties covering roughly 45 mi2 across Nevada and Oregon. Its flagship project, Kelly Creek in Humboldt County, Nevada, sits on the Battle Mountain-Eureka gold trend and is surrounded by multi-million-ounce deposits. Austin Gold can earn up to a 70% interest in Kelly Creek through a joint venture with Pediment Gold. The Stockade Mountain project in Oregon targets high-grade gold and silver vein deposits, with recent drilling returning grades up to 9.32 g/t gold, though no formal resource has been defined. The Lone Mountain project in Elko County, Nevada is at an earlier stage, with geological mapping and sampling underway to identify drill targets. Austin Gold's goal is to discover a commercially viable deposit that it could develop or sell to a larger mining company. The company funds operations entirely through equity issuance, including an ATM facility with H.C. Wainwright allowing up to $7.5M in share sales, and flags going-concern risk given its dependence on capital markets. Exploration activity is seasonal, running April through December. Austin Gold's equity value is driven almost entirely by drill results and the gold price backdrop.