An anonymous director reports

AUGUSTA GOLD CLOSES C$11.5 MILLION BOUGHT DEAL OFFERING

Augusta Gold Corp. has closed its previously announced bought deal offering of units of Augusta Gold for aggregate gross proceeds of approximately $11.5-million, including the full exercise of the overallotment option in the amount of $1.5-million.

Pursuant to the offering, a total of 6,725,147 units were sold at a price of $1.71 per unit. Each unit comprised one share of the company's common stock and one-half of one common stock purchase warrant. Each warrant entitles the holder to acquire one share of the company's common stock at a price of $2.30 until Jan. 20, 2026.

The offering was made through a syndicate of underwriters led by Eight Capital and including National Bank Financial and TD Securities Inc. The underwriters received a cash commission equal to 5 per cent of the aggregate gross proceeds of the offering. in addition, the underwriters were issued an aggregate of 336,257 compensation warrants, equal to 5 per cent of the number of units sold under the offering. Each compensation warrant entitles the holder to acquire one share of the company's common stock at a price of $1.71 until Jan. 20, 2024.

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 securities described above were offered pursuant to a registration statement on Form S-3 (file No. 333-266055) that was filed in the United States with the Securities and Exchange Commission (SEC) and declared effective on Aug. 18, 2022, and in Canada pursuant to the northbound multijurisdictional disclosure system. Augusta Gold filed a final prospectus supplement with the SEC in connection with the offering and a Canadian final prospectus supplement to the base shelf prospectus dated Aug. 18, 2022, with securities regulatory authorities in each of the provinces and territories of Canada other than Quebec. You may get these documents for free on EDGAR or SEDAR.

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 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.