Mr. Don Taylor reports

AUGUSTA GOLD RECEIVES LETTER OF INTEREST FROM U.S. EXIM BANK FOR UP TO US$50 MILLION IN HIGH QUALITY FINANCING FOR REWARD PROJECT

The Export-Import Bank of the United States (EXIM) has issued a letter of interest (LI) in support of up to $50-million (U.S.) in financing under its Make More in America initiative for the development of Augusta Gold Corp.'s Reward project, located in Nevada.

The non-binding LI outlines EXIM's preliminary interest in providing a direct, competitively priced loan with a potential 10-year repayment term, including an interest-only period. The Reward project meets EXIM's policy goals of job creation and required export nexus, with the letter citing Augusta's experienced management team and potential support from state and local governments.

"This letter of interest from EXIM for over 50 per cent of the project construction cost marks a significant milestone for Augusta Gold and underscores the strategic importance of the Reward project to domestic mineral production and economic development," said Don Taylor, president and chief executive officer of Augusta Gold. "We are excited to advance our collaboration with EXIM to secure long-term, competitively priced financing for construction and development. Coupled with the EXIM direct loan, we are also negotiating to secure high-quality capital in the least dilutive way to fully fund construction at Reward, which should drive an equity rerate."

The Reward project is a fully permitted, construction-ready gold project in Nye county, Nevada. It is expected to create high-quality jobs, strengthen local economic growth and contribute to the U.S. supply chain of critical and strategic minerals.

While the LI does not constitute a financing commitment, it is a strong indication of EXIM's intent to proceed to the next stage of due diligence and underwriting.

Augusta Gold looks forward to working closely with EXIM to finalize terms and bring the Reward project into production.

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.

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