Mr. Donald Taylor reports

AUGUSTA GOLD COMPLETES FINAL PAYMENT FOR REWARD PROJECT

Augusta Gold Corp. has completed the remaining payment aggregating $22,121,398 (U.S.) due to Waterton Nevada Splitter LLC for the Reward project under the previously announced purchase agreement (refer to the company's news release dated April 21, 2022).

Donald Taylor, president and chief executive officer, said, "Making the final payment for the Reward acquisition is a significant milestone as we move to completing our engineering studies for both Reward and Bullfrog with the goal of commencing production from the fully permitted Reward project in late 2023."

The company also announces a loan with a company owned by the company's executive chairman for $22,232,561 (U.S.). The loan bears interest at a rate of prime plus 3 per cent, is for a maximum period of 12 months, and is secured by the company's Bullfrog and Reward projects. An origination fee of 0.5 per cent of the amount of the Loan was paid to the lender on closing.

The Reward project is a fully permitted heap leach project with measured and indicated mineral resources of 426,700 ounces of gold grading 0.75 g/t (gram per tonne) gold and inferred mineral resources of 27,100 ounces of gold grading 0.68 g/t gold with sufficient water rights to commence construction and operations.

Scientific and technical information

The mineral resource estimate in this news release is derived from the technical report titled, "Mineral resource estimate for the Reward project, Nye County, Nevada, USA," with an effective date of May 31, 2022, prepared by Michael Dufresne and Timothy Scott, each of whom are qualified person, as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 M&A (mergers and acquisitions) 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.

We seek Safe Harbor.