An anonymous director reports

AUGUSTA GOLD ANNOUNCES C$10 MILLION BOUGHT DEAL OFFERING

Augusta Gold Corp. has entered into an agreement with Eight Capital to act as the lead underwriter and sole bookrunner on its own behalf and, if applicable, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal underwritten basis, 5,847,954 units of Augusta Gold at a price of $1.71 per unit for aggregate gross proceeds of approximately $10-million. Each unit will comprise one share of the company's common stock and one-half of one common stock purchase warrant. Each warrant will entitle the holder to acquire one share of the company's common stock for a period of 36 months following the closing of the offering at a price of $2.30.

In addition, Augusta Gold has agreed to grant the underwriters an option, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the offering, to purchase up to an additional 15 per cent of the number of units. The overallotment option may be exercised for the purpose of covering overallotments made in connection with the offering and for market stabilization purposes. The offering is expected to close on or about Jan. 18, 2023, subject to customary closing conditions, including the approval of the Toronto Stock Exchange.

Augusta Gold intends to use the net proceeds of the offering for the advancement of the Bullfrog project, and for working capital and general corporate purposes.

The offering is being made in the United States pursuant to a preliminary prospectus supplement to the base prospectus contained in the shelf registration statement on Form S-3 (No. 333-266055) that was filed by Augusta Gold with the Securities and Exchange Commission (SEC) on July 8, 2022, and declared effective by the SEC on Aug. 18, 2022, and in Canada pursuant to the final northbound multijurisdictional disclosure system base shelf prospectus dated Aug. 18, 2022, that was filed with the securities regulators in each of the provinces and territories of Canada other than Quebec. The offering is being made only by means of a U.S. and Canadian preliminary prospectus and accompanying base prospectus. Prospective investors should carefully read the preliminary prospectus supplement, the final prospectus supplement, when available, the accompanying base prospectus and related registration statement.

An underwriting agreement, as well as the U.S. or Canadian preliminary prospectus supplements, the final prospectus supplements, when available, and accompanying base prospectus relating to and describing the terms of the offering have been or will be filed with the SEC and the Canadian regulators, and will be available on the SEC's website and on SEDAR under Augusta Gold's profile. Copies of the underwriting agreement, the U.S. or Canadian preliminary prospectus supplements, the final prospectus supplements, when available, and the accompanying base prospectus relating to the offering may also be obtained, when available, by contacting Eight Capital, Attention: Enoch Lee at 647-265-8217 or e-mail: elee@viiicapital.com.

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 pursuing accretive mergers and acquistions 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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