Mr. Don Taylor reports

AUGUSTA GOLD ANNOUNCES SIGNIFICANT RESOURCE UPDATE AT BULLFROG OF 1.2 M OZ MEASURED AND INDICATED AND 0.26 M OZ INFERRED RESOURCE

Augusta Gold Corp. has released the results of the updated mineral resource estimate (MRE) for its Bullfrog gold project located in Nevada, United States.

Highlights:

• Measured and indicated mineral resources of 1,209,290 ounces of gold (94 per cent oxide);
• Inferred mineral resources of 257,900 ounces of gold (91 per cent oxide);
• Studies necessary to de-risk the project and advance the permitting are in progress.

Don Taylor, chief executive officer, commented: "The significant increases in the updated resource estimate further confirms our view of the Bullfrog project and its expansion potential adding substantially more ounces at similar grades while reducing the strip ratio for the currently outlined resource. We are now focused on de-risking the project through environmental and engineering studies that will form the foundation for our permit applications."

Updated mineral resource estimate

The updated MRE was based on a total of 1,331 drill holes measuring 885,380 feet and incorporates drill targets under evaluation since the June, 2021, maiden mineral resource report, in addition to updated geologic models and database improvements. The updated MRE has an effective date of Dec. 31, 2021, and is presented in the form of a combined global oxide and sulphide mineral resource ("Combined global resources -- oxide and sulphide" table) as well as individual tables for the each of the Bullfrog, Montgomery-Shoshone and Bonanza deposits. The updated MRE confirms a large volume of mineral resource outside of the historic open pits based on the current $1,550 per gold ounce constrained pit shell.

There remains excellent exploration potential within the district and drilling has indicated that mineralized structures and features continue both laterally and vertically along the known mineralized trends. Specific areas for additional exploration drilling and interpretation include Ladd Mountain and Mystery Hills near the Bullfrog pit; the Polaris vein and related disseminated mineralization near the Montgomery-Shoshone pit; along strike and beneath Bonanza Mountain near the Bonanza pit; and in the prospective Gap area in the northern portion of the property.

Metallurgical, environmental and permitting studies

Data collection for geotechnical, metallurgical and hydrological characterization for accelerated permitting activities are in progress.

Drill core samples from the Montgomery Shoshone and Bullfrog deposits are in progress at McClelland labs in Reno, Nev. Testing on the samples will include standard crusher work index determinations, a complete suite of column percolation leach tests, agglomerate strength/stability tests and load permeability tests. Results for the metallurgical test program are expected to be completed in H2 2022.

Baseline studies necessary to advance permitting are in progress. Refinement of the hydrologic model is expected to commence in Q2 2022. Augusta Gold expects to have all baseline surveys completed in Q1 2023 with an expected mine plan of operations to follow shortly thereafter.

Bullfrog location

The Bullfrog project is located in the prolific Walker Lane district, Nevada, an area very active by junior and senior gold companies involved in exploration, development and asset consolidation.

Quality assurance/quality control (QA/QC)

To ensure reliable sample results, the company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.

Sample preparation (crushing and pulverizing) has been performed at Paragon Geochemistry, an independent ISO/IEC accredited lab located in Sparks, Nev. Paragon prepares a pulp of all samples for analysis at its analytical lab. Paragon Analyze the pulp sample by 30-gram fire assay with an aqua regia digestion and ICP-OES finish. Samples in which gold is greater than three parts per million (ppm) are rerun using fire assay with a gravimetric finish and reported in ppm. All samples are analyzed by multielement aqua regia digestion (35AR-OES for 35 elements) with an ICP-OES finish.

In addition, the company validated the historic gold and silver values by comparing the historic analytical certificates to the digital assay database. All available downhole surveys were digitized and utilized to properly plot analytical data down-hole. Drill holes with questionable data were omitted from the database and were not used to generate the mineral resource estimate. The results of the validation program indicate that the sample database is of sufficient accuracy and precision to be used for the generation of mineral resource estimates.

Qualified person

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed and approved by Russ Downer and Adam House of Forte Dynamics, who are independent qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and subpart 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended. The data was verified using data validation and quality assurance procedures under high industry standards.

About Augusta Gold Corp.

Augusta Gold is an exploration and development company focused on building a long-term business that delivers stakeholder value through developing the Bullfrog gold project and pursing accretive mergers and acquisitions (M&A) opportunities. The Bullfrog gold project is located in the prolific Bullfrog mining district approximately 120 miles northwest of Las Vegas, Nev., and four miles west of Beatty, Nev. The company controls approximately 7,800 acres of mineral rights including the Bullfrog and Montgomery-Shoshone deposits and has further identified significant additional mineralization around the existing pits and defined several exploration targets that could further enhance the project. The company is led by a management team and board of directors with a proven record of success in financing and developing mining assets and delivering shareholder value.

We seek Safe Harbor.