Mr. Don Taylor reports

AUGUSTA GOLD ACQUIRES FULLY PERMITTED LOW-COST HEAP LEACH GOLD PROJECT SEVEN MILES FROM ITS BULLFROG PROJECT IN NEVADA

Augusta Gold Corp. it has entered into an agreement to acquire the Reward project, located just seven miles from the company's Bullfrog project in Nevada.

Reward project highlights:

• Historical estimate (1) of measured and indicated mineral resources of 416,8002 ounces (oz) of oxide gold grading 0.022 oz per ton (0.75 gram per tonne) gold;
• Historical estimate of proven and probable reserves of 377,0003 oz of gold grading 0.024 oz/t (0.82 g/t) gold;
• Historical estimate test work projected gold recoveries of 81 per cent;
• Project has all required permits in place for construction;
• Augusta Gold anticipates developing the Reward project as soon as historical estimates are updated.

The Reward project has a historical measured and indicated mineral resource estimate of 416,800 ounces (oz) of oxide gold grading 0.022 oz/t (0.75 g/t) gold, a historical proven and probable mineral reserve estimate of 377,000 oz of gold grading 0.024 oz/t (0.82 g/t) gold, and has received the necessary permits to proceed to construction of the project. Test work developed for the historical estimate projected gold recoveries of 81 per cent. The company plans to immediately undertake work to update the historical estimates with development of the Reward project anticipated to follow shortly thereafter. The Reward project fits well with the company's Bullfrog project (seven miles to the northwest), which contains measured and indicated mineral resources of 1,209,0004 ounces of gold at a grade of 0.53 g/t gold and inferred mineral resources of 258,000 ounces of gold at a grade of 0.48 g/t gold. It is anticipated that significant synergies can be realized between the projects.

Don Taylor, president and chief executive officer, commented: "We are pleased to bring the Reward project into our ongoing operations being advanced at the Bullfrog project. Once we have updated past studies, we anticipate that the Reward project will be a shovel-ready, low-risk oxide gold project in close proximity to our Bullfrog project that will enable the company to be a near-term producer while we complete the permitting process at Bullfrog."

Reward project acquisition

Augusta Gold will purchase the Reward project from Waterton Nevada Splitter LLC for the following consideration:

• $12.5-million (U.S.) cash paid on closing of the transaction with cash on hand;
• $15.0-million (U.S.) comprising 7.8 million Augusta Gold shares paid on closing, with the remaining payable at the time of Augusta Gold's next equity financing, in cash or Augusta Gold shares, provided the additional amount of shares does not result in Waterton owning more than 9.99 per cent of Augusta Gold's issued and outstanding shares; and
• $17.5-million (U.S.) cash paid within 90 days of closing, which is backstopped by the company's executive chairman and significant shareholder, Richard Warke.

Closing of the transaction is subject to several conditions, including receipt of all required regulatory approvals.

Reward project historical estimate

The historical mineral resource and reserve estimates are based upon a technical report titled, "Reward Project Feasibility Study NI 43-101 Technical Report Nevada, USA," with an effective date of Sept. 6, 2019, that was not filed on SEDAR. The historical estimates are considered to be relevant and reliable for the purposes of the company proceeding with the transaction as it provides an indication of the potential of the Reward project. Furthermore, the historical estimates do use categories of mineral reserves and resources as provided for in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) and comprise the most recent report available to the company. The historical estimates need to be updated to include work done since the date of the estimates, and to use assumptions and qualifications that are more reflective of today's environment. For instance, the gold price is no longer current, and inflation will have affected other cost estimates.

A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and reserves, and the company is not treating the historical estimates as current mineral resources and reserves.

Attached are excerpts of the historical estimates from the technical report.

Qualified person

The scientific and technical information contained in this news release related to the historical estimates at the Reward project is based upon disclosure prepared by David Evans, Neil Lincoln, Timothy D. Scott, Mark Willow, Jim Cremeens, Michael Dufresne and Thomas Dyer, who are qualified persons under NI 43-101. The scientific and technical information contained in this news release related to the Bullfrog project resource estimate is based upon the technical report titled, "NI 43-101 Technical Report Mineral Resource Estimate Bullfrog Gold Project Nye County, Nevada," with an effective date of Dec. 31, 2021, and prepared by Russ Downer and Adam House, who are qualified persons under NI 43-101. The remaining scientific and technical information contained in this news release has been reviewed and approved by Mr. Taylor, who is a qualified person under NI 43-101. Mr. Taylor reviewed the report containing the historical estimates and determined that the conclusions appeared reasonable based on the time of the report. He was not able to independently verify any of the underlying data contained in the report. Further work will be conducted following closing.

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 merger and acquisition 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 5,554 hectares 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.

(1) A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and reserves, and the company is not treating the historical estimates as current mineral resources and reserves. The technical report supporting the historical estimate was not filed on SEDAR.

(2) Comprised measured mineral resources of 168,800 ounces of gold grading 0.025 oz/t (0.86 g/t) gold and indicated mineral resources of 247,900 ounces of gold grading 0.021 oz/t (0.72 g/t) gold. Mineral resources are inclusive of mineral reserves.

(3) Comprised proven mineral reserves of 167,000 ounces of gold grading 0.026 oz/t (0.90 g/t) gold and probable mineral reserves of 210,000 ounces of gold grading 0.022 oz/t (0.75 g/t) gold.

(4) Comprised measured mineral resources of 527,000 ounces of gold grading 0.54 g/t gold and indicated mineral resources of 683,000 ounces of gold grading 0.52 g/t gold.

We seek Safe Harbor.