Mr. Don Taylor reports

AUGUSTA GOLD ANNOUNCES REWARD MINERAL RESOURCE ESTIMATE

Augusta Gold Corp. has released the results of its mineral resource estimate at the Reward project located in Nevada, United States. Closing of the company's acquisition of the Reward project is expected imminently.

Highlights:

• Reward:
  • Measured and indicated mineral resources of 426,700 ounces gold grading 0.75 gram per tonne gold and inferred mineral resources of 27,100 oz gold grading 0.68 g/t gold;
  • Fully permitted, low-risk heap leach project;
  • Ample water rights and sufficient water supply in place.
• Bullfrog:
  • Measured and indicated mineral resource estimate of 1,209,290 oz gold grading 0.53 g/t gold and combined inferred mineral resources of 257,900 oz gold grading 0.48 g/t gold;
  • Completing required studies for mine plan of operation scheduled for submission H1 2023.
• Reward and Bullfrog:
  • Combined measured and indicated mineral resources of 1,635,990 oz gold grading 0.59 g/t gold and combined inferred mineral resources of 285,000 oz gold grading 0.50 g/t gold;
  • Reward and Bullfrog are only seven miles apart and located in Nevada, a top mining jurisdiction;
  • Shared infrastructure expected to provide meaningful synergies.

Don Taylor, president and chief executive officer, commented: "Reward is a fully permitted, low-risk heap leach project located in a top mining jurisdiction. The recently completed pit-constrained resource is indicative of what we can expect in terms of production from the property. In tandem with our work at Reward we will be completing the required studies for a mine plan of operations for the Bullfrog project scheduled for submission to the regulatory agencies by H1 2023 requesting permits to begin mining operations. It is anticipated that Reward will be the first production in the district followed by the larger planned production from Bullfrog."

Economic studies for both the Reward and Bullfrog gold projects (located just seven miles apart) are in progress.

Augusta gold location

Reward and Bullfrog are strategically located just seven miles apart in the prolific Walker Lane district, Nevada, an area very active by junior and senior gold companies involved in exploration, development and asset consolidation.

A technical report supporting the Reward mineral resource estimate will be filed within 45 days of the date hereof. The Bullfrog mineral resource estimate is derived from 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.

Reward resource estimation methodology and parameters

Statistical analysis, 3-D modelling and resource estimation were completed by Warren Black, MSc, PGeo, with assistance from Steven Nicholls, MAIG, of Apex (under the direct supervision of Michael Dufresne, MSc, PGeol, PGeo). The workflow implemented for the Reward gold project mineral resource estimate was completed using the commercial mine planning software Micromine (v 18.0). The Anaconda Python distribution (Continuum Analytics, 2017) and contributions made by Mr. Black to the Python package pygeostat (CCG, 2016) was used for supplemental data analysis. Mr. Dufresne is the qualified person and takes responsibility for the mineral resource estimate.

CR Reward LLC provided Apex with the Reward project drill hole database that consists of analytical, geological, density and collar survey information; initial estimation domains for both the Good Hope and Gold Ace zones; and a geological model for the Reward project that contains a stratigraphic and structural 3-D interpretation. The provided data were reviewed in detail from late 2017 to 2018 by Apex personnel. The data were used to prepare the Reward mineral resource estimate. The QP and Apex personnel conducted a thorough review of the data to ensure the database was in good shape and considered suitable for resource estimation. The initial data and project review conducted in the fall of 2017 was, in part, the reason for additional drilling conducted by CR Reward. In the opinion of the QP, the current Reward drill hole database is deemed to be in good condition and suitable to use in continuing resource estimation studies.

The mineral resource estimate was calculated using a block model size of 20 feet by 20 feet by 20 feet. Apex personnel estimated the gold grade for each block using ordinary kriging with locally varying anisotropy to ensure grade continuity in various directions is reproduced in the block model. The block model was diluted by estimating a waste grade for the outer blocks using composites within a transition zone along the outer edge of the mineralized estimation domain that was then proportionately combined with the estimated grade for the portion of the block within the mineralized domain.

Modelling was conducted in local grid co-ordinate space in feet relative to the North American datum (NAD) of 1927 (zone 11). The database consists of 376 drill holes completed at the Good Hope and Gold Ace prospects ranging from 1987 to 2018 of which 264 were used in the Good Hope and Gold Ace resource modelling. Standard statistical techniques, including composting, orphan analysis, declustering, capping, variography and transition zone analysis, were utilized to complete the Reward mineral resource estimate. Mr. Dufresne, MSc, PGeol, PGeo, visited the property in August, 2017, and subsequent to the CR Reward drilling in August, 2019.

Quality assurance/quality control

From 2015 to early 2017, CR Reward completed a compilation, audit and update of the drill hole database. Drill hole locations, survey data and readily accessible assay certificates were uploaded into the commercially available DataShed software package. Assays that did not have assay certificates were retained in an Excel spreadsheet and combined with the DataShed assays for the assay verification. Lithology, alteration, structure and quartz vein data from selected holes were digitized from geologic paper logs in January, 2017. These data were also brought into DataShed. The drill hole database consisting of 348 historical holes was audited, compiled and verified by CR Reward in 2016 and 2017, based on provided electronic files, for all historical drilling and assay certificates. CR Reward completed additional drilling in 2017 and 2018 consisting of 3,443 metres in 28 core holes.

The QP responsible for the Reward mineral resource estimate validated the historical gold values at the Reward project by comparing the historical analytical certificates (and logs) with the digital assay database. All available downhole surveys were digitized and utilized to properly plot analytical data downhole. Drill hole collar data were verified versus geological logs or survey files with collar elevations checked against a modern lidar survey. Drill holes with questionable data were omitted from the database and were not used to generate the mineral resource estimate. The QP verified all of the 2017 and 2018 drill hole data provided by CR Reward. 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 persons

The scientific and technical information contained in this news release related to the Reward gold project and the sampling, analytical and test data underlying the scientific and technical information have been reviewed, approved and verified by Mr. Dufresne of Apex Geoscience, who is an 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 were verified using data validation and quality assurance procedures under high industry standards.

The scientific and technical information contained in this news release related to the Bullfrog gold project 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, prepared by Russ Downer and Adam House of Forte Dynamics, who are independent qualified persons 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.

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 Reward and Bullfrog gold projects and pursing accretive merger and acquisition opportunities. The Reward and Bullfrog gold projects are located in the prolific Bullfrog mining district approximately 120 miles northwest of Las Vegas, Nev., and just outside of Beatty, Nev. 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.

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