Mr. Don Taylor reports

AUGUSTA GOLD ADVANCES REWARD FEASIBILITY STUDY AND PROVIDES OPERATIONAL UPDATE

Augusta Gold Corp. is advancing on its plan to complete a feasibility study at its 100-per-cent-owned Reward project and continues to push forward environmental studies to support advanced permitting activities and support a mine plan of operations at its Bullfrog project, both located in the Walker Lane district of southern Nevada.

Reward project

Augusta Gold is advancing completion of the final feasibility study on its 100-per-cent-owned Reward open pit/heap leach project in the Walker Lane district of southern Nevada. Reward has all major federal and state permits in place, sufficient water rights for construction and operation, and existing power supply to the project site. Prices for goods and services have stabilized sufficiently allowing the company to advance completion of the feasibility study. Kappes, Cassiday and Associates, based in Reno, Nev., is the primary contractor for the study, which is scheduled for completion in Q4 2023. Other contractors contributing to the feasibility study are Respec, Newfields, Apex Geosciences, Knight Piesold and SRK.

Don Taylor, president and chief executive officer, commented: "The decision to advance directly to a feasibility study for the Reward project was pivotal in bringing the company closer to its plan to get the mine in production for late 2024. Additionally, moving forward the permitting, metallurgy and environmental studies at the Bullfrog project will help in the timely progression of making Augusta Gold a substantial Nevada gold producer."

In addition to the feasibility study, drill plans are in place to test additional mineral resource growth potential extending adjacent to and below the current pit shell. Environmental studies continue on the project to support planned development schedules.

Bullfrog project

At the company's 100-per-cent-owned Bullfrog property, located seven miles west of Reward, the company continues to advance environmental studies to support advanced permitting activities and support a mine plan of operations which is expected mid-2024. The metallurgical testing program is nearing completion. Column percolation tests remain active with preliminary results indicating metal recoveries for the ore tested grading from 0.23 gram per tonne to 0.80 g/t will range from 74 per cent to 82 per cent at the finer crush of 1.7 millimetres. The testing indicates that leaching of these ores is expected to have low to moderate sodium cyanide and lime consumption. Final test results are expected in Q3 2023.

Additionally, drill plans are in place to test high-potential targets in the Gap target area located north of the planned mining areas at Bullfrog where intense alteration, preserved lithocap and significant surface gold mineralization occur along a major fault corridor. Two previously completed core drill holes (BFG21-IS39 1.02 m of 1.74 g/t Au; BFG21-IS30 1.56 m of 0.83 g/t Au) are interpreted to have drilled over the fault intersection with the favourable TR-8 host rock.

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 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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