AUGUSTA GOLD CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 20172021 AND 20162020

(unaudited)(Expressed in US dollars)

See accompanying notes to consolidated financial statements

BULLFROGAUGUSTA GOLD CORP.

Notes to Consolidated Financial Statements(Formerly known as Bullfrog Gold Corp.)

(unaudited)NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Expressed in US dollars, unless otherwise noted)

NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NatureofBusiness

Augusta Gold Corp. (formerly known as Bullfrog Gold Corp. (the, the “Company”) is an early stagea junior exploration company engaged in the acquisition and exploration of properties that may contain gold, silver, and other metals in the United States. The Company’s target properties are those that have been the subject of historical exploration. The Company owns, controls or has acquired mineral rights on Federal patented and unpatented mining claims in the state of Nevada for the purpose of exploration and potential development of gold, silver, and other metals on a total of approximately 4,30013,700 acres. The Company plans to review opportunities and acquire additional mineral properties with current or historic precious and base metal mineralization with meaningful exploration potential.

The Company’s properties do not have any reserves. The Company plans to conduct exploration programs on these properties to ascertainwith the objective of ascertaining whether any of its properties contain economic concentrations of precious and base metals that are prospective for mining.

BasisofPresentationandStatementofCompliance

The accompanying consolidated unaudited financial statements included in this Form 10-Q(the “consolidated financial statements”), have been prepared in accordance with accounting principles generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, these(“GAAP”).

BasisofMeasurement

These consolidated financial statements do not include all ofhave been prepared on the disclosures required by U.S. generally accepted accounting principlesgoing concern basis, under the historical cost convention, except for completecertain financial statements. These consolidated unaudited interim financial statements should be read in conjunction with the audited financial statements for the fiscal year ended December 31, 2016 in our Annual Report on Form 10-K. The financial information furnished herein reflects all adjustments consisting of normal, recurring adjustments which, in the opinion of management,instruments that are necessary for ameasured at fair presentation of our financial position, the results of operations and cash flows for the periods presented. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of results for future quarters or periods in the fiscal year ending December 31, 2017.value as described herein.

PrinciplesofConsolidation

The consolidated financial statements include the accounts of BullfrogAugusta Gold Corp. and its wholly owned subsidiaries, Standard Gold Corp. (“Standard Gold”) a Nevada corporation, Bullfrog Mines LLC (“Bullfrog Mines”) and Rocky Mountain Minerals Corp. (“Rocky Mountain Minerals” or “RMM”) a Nevada corporation.. All significant inter-entity balances and transactions have been eliminated in consolidation.

Going Concern Cash,CashEquivalentsand Management’s Plans

The Company has incurred losses from operations since inception and has an accumulated deficit of approximately $8,681,732 as of September 30, 2017.  The Company’s financial statements have been prepared on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s continuation as a going concern is dependent upon attaining additional financing from external sources and profitable operations and revenue, where the Company has not achieved this.  This raises substantial doubt about the Company's ability to continue as a going concern.

The Company has no operating revenues and does not expect to in 2017. Should it be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its obligations as they become due. To continue as a going concern, the Company is dependent on continued fund raising. However, the Company has no commitment from any party to provide additional capital and there is no assurance that such funding will be available when needed, or if available, that its terms will be favorable or acceptable.  The Company continues to seek alternative financing options to continue its normal course of business.

6

Cash and Cash Equivalents and Concentration

The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with a high credit quality financial institution. The Company’s account at this institution is insured byinstitutions in the Federal Deposit Insurance Corporation up to $250,000. AtUnited States and Canada. On September 30, 2017,2021, the Company’s cash balance was approximately $411,725.$20,473,000. To reduce its risk associated with the failure of such financial institution, the Company will evaluate at least annually the rating of the financial institution in which it holds deposits.

UseofEstimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates have been made for share based compensation, asset retirement obligation, warrant liability and whether acquisition of Bullfrog Mines constituted an asset acquisition or business combination.

ForeignCurrencyTranslation

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. The Company has not entered any contracts to manage foreign exchange risk.

The functional currency of the Company is the US dollar; therefore, the Company is exposed to currency risk from financial assets and liabilities denominated in Canadian dollars.

AUGUSTA GOLD CORP.

(Formerly known as Bullfrog Gold Corp.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

Mineral Property Acquisition(Expressed in US dollars, unless otherwise noted)

MineralPropertyAcquisitionandExplorationCosts

Mineral property exploration costs are expensed as incurred until such time as economic reserves are quantified. To date, the Company has not established any proven or probable reserves on its mineral properties. Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company has chosen to expense all mineral exploration costs as incurred given that it is still in the exploration stage. Once the Company has identified proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs will be amortized over the estimated life of the probable-proven reserves. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. DuringCosts of property and equipment acquisitions are being capitalized.

The Company is required to reclaim the 3property at the Bullfrog Project at the end of its useful life. In accordance with FASB ASC 410-20, Asset Retirement and 9 monthsEnvironmental Obligations, the Company recognized the fair value of a liability for an ARO in the amount of $1,660,524, during the period ended September 30, 20172021, we reassessed the closure costs and 2016incurred certain costs related to ARO estimate and resulted in a total change in estimate of $598,476.

Although the Company did not incur exploration costs. Costsultimate amounts for future site reclamation and remediation are uncertain, the best estimate of property acquisitions are being capitalized,these obligations was based on information available, including current legislation, third-party estimates, and required payments of $0management estimates. The amounts and $25,000 were made in 2017 and 2016, respectively to Mojave Gold Mining Corporation (“Mojave”) as parttiming of the Optionmine closure obligations will vary depending on several factors including future operations and the ultimate life of the mine, future economic conditions, and changes in applicable environmental regulations.

At September 30, 2021, the estimated future cash flows have been determined using real cash flows and discounted using a rate of 1.48% and a total undiscounted amount for the estimated future cash flows is $1,731,064.

FairValueofFinancialInstruments

Fair value is defined as the exchange price that would be received for an asset or paid to Purchase Agreement (“Option”).transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value:

Level 1 - Valuation based on quoted market prices in active markets for identical assets and liabilities.

Level 2 - Valuation based on quoted market prices for similar assets and liabilities in active markets.

Level 3 - Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value.

AUGUSTA GOLD CORP.

(Formerly known as Bullfrog Gold Corp.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

Fair Value of Financial Instruments(Expressed in US dollars, unless otherwise noted)

The respective carryingfair value of certain on-balance-sheet financial instruments approximatedcash and accounts payable approximates their faircarrying values due to the short-term nature of these instruments. These financial instruments include cash and accounts payable.their short term to maturity. The warrant liabilities are measured using level 3 inputs (Note 4).

IncomeTaxes

Income taxes are accounted for under the asset and liability method in accordance with ASC 740, "Income Taxes"“Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent that the recoverability of the asset is unlikely to be recognized.

The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. The Company has elected to classify interest and penalties related to unrecognized income tax benefits, if and when required, as part of income tax expense in the statement of operations. No liability has been recorded for uncertain income tax positions, or related interest or penalties as of September 30, 20172021 and December 31, 2016.2020. The periods ended December 31, 2020, 2019, 2018, 2017 and 2016 are open to examination by taxing authorities.

LongLivedAssets

The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge.

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The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to be commensurate with the risk inherent in the current business model. Significant management judgment is required in determining whether an indicator of impairment exists and in projecting cash flows.

PreferredStock

The Company accounts for its preferred stock under the provisions of the ASC on Distinguishing Liabilities from Equity, which sets forth the standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. This standard requires an issuer to classify a financial instrument that is within the scope of the standard as a liability if such financial instrument embodies an unconditional obligation to redeem the instrument at a specified date and/or upon an event certain to occur. The Company has determined that its preferred stock does not meet the criteria requiring liability classification as its obligation to redeem these instruments is not based on an event certain to occur. Future changes in the certainty of the Company’s obligation to redeem these instruments could result in a change in classification.

Stock-BasedCompensation

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). This ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

The estimated fair value of each stock option as of the date of grant was calculated using the Black-Scholes pricing model. The Company estimates the volatility of its common stock at the date of grant based on the volatility of a comparable peer company which is publicly traded.Company stock price history. The Company determines the expected life based on the simplified method given that its own historical share option exercise experience with similar awards, giving consideration to the contractual terms, vesting schedules and post-vesting forfeitures.does not provide a reasonable basis for estimating expected term. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash

AUGUSTA GOLD CORP.

(Formerly known as Bullfrog Gold Corp.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Expressed in US dollars, unless otherwise noted)

dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The shares of common stock subject to the stock-based compensation plan shall consist of unissued shares, treasury shares or previously issued shares held by any subsidiary of the Company, and such the number of shares of common stock are reserved for such purpose.  On March 31, 2015,

DerivativeFinancialInstruments

The Company accounts for derivative instruments in accordance with Financial Accounting Standards Board (“FASB”) ASC 815, Derivatives and Hedging (“ASC 815”), which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the financial statements. The Company granted optionsdoes not use derivative instruments to purchase 4,500,000 shareshedge exposures to cash flow, market, or foreign currency risk. Terms of its common stockconvertible debt and equity instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the balance sheet at fair value. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results. Pursuant to ASC 815, an evaluation of specifically identified conditions is made to determine whether the 4,500,000 sharesfair value of common stock available for grant underwarrants issued is required to be classified as equity or as a derivative liability.

Certain warrants are treated as derivative financial liabilities. The estimated fair value, based on the 2011 Stock Incentive Plan.Black-Scholes model, is adjusted on a quarterly basis with gains or losses recognized in the statement of loss and comprehensive loss. The Black-Scholes model is based on significant assumptions such as volatility, dividend yield, expected term and liquidity discounts.

Net Income Earnings(Loss)perCommonShare

The following table shows basic and diluted earnings per share:

ForCertain options and warrants and all preferred shares were included in the computation of diluted shares outstanding for the three months and nine months ended September 30, 2021. The options and warrants that were not included in the diluted weighted average shares calculation because they were “out-of-the money”. In periods where the Company has a net loss, all common stock equivalents are excluded as they would be anti-dilutive.  The following details the dilutive and anti-dilutive shares:

AUGUSTA GOLD CORP.

(Formerly known as Bullfrog Gold Corp.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Expressed in US dollars, unless otherwise noted)

For the nine months ended September 30, 2016, 11,000,000 and 18,562,500 of preferred shares issued in July 2016 and August 2016 respectively were included in the computation of diluted shares. 4,500,000 of stock options were included in the computation for the nine months ended September 30, 2016.  9,668,660 of warrants were not included in the diluted weighted average shares calculation because they were “out-of-the money” for the nine month period ending September 30, 2016.

RisksandUncertainties

Risks and Uncertainties

Since the Company’s formation of the Company, it has not generated any revenues. As an early stageearly-stage company, the Company is subject to all the risks inherent in the initial organization, financing, expenditures, complications and delays inherent in a new business. TheOur business is dependent upon the implementation of theour business plan. There can be no assurance that theour efforts will be successful or that the Companywe will ultimately be able to generate revenue or attain profitability.

Natural resource exploration, and exploring for gold, in particular, is a business that by its nature is very speculative. There is a strong possibility that the Companywe will not discover gold or any other resourcesmineralization which can be mined or extracted at a profit. Even if it doeswe do discover gold or other deposits, the deposit may not be of the quality or size necessary for itus or a potential purchaser of the property to make a profit from actually mining the deposit.it. Few properties that are explored are ultimately developed into producing mines. Unusual or unexpected geological formations, geological formation pressures, fires, power outages, labor disruptions, flooding, explosions, cave-ins, landslides and the inability to obtain suitable or adequate machinery, equipment or labor are just some of the many risks involved in mineral exploration programs and the subsequent development of gold deposits.

The Company’sCompany business is exploring for gold and other minerals. InIf the event that itCompany discovers commercially exploitable gold or other deposits, itrevenue from such discoveries will not be able to make any money from themgenerated unless the gold or other minerals are actually mined or it sells all or a part of its interest. Accordingly, it will need to find some other entity to mine its properties on its behalf, mine them itself or sell its rights to mine to third parties. mined.

Mining operations in the United States are subject to many different federal, state, and local laws and regulations, including stringent environmental, health and safety laws. In the event operational responsibility is assumed for mining our properties, the Company assumes any operational responsibility for mining its properties, it is possible that it willmay be unable to comply with current or future laws and regulations, which can change at any time. It is possible that changesChanges to these laws will be adverse tomay adversely affect any of the Company potential mining operations. Moreover, compliance with such laws may cause substantial delays and require capital outlays in excess ofgreater than those anticipated,the Company anticipate, adversely affecting any potential mining operations. The futureFuture mining operations, if any, may also be subject to liability for pollution or other environmental damage. It is possible that theThe Company willmay choose to not be insured against this risk because of high insurance costs or other reasons.

The Company’s exploration and development activities may be affected by existing or threatened medical pandemics, such as the novel coronavirus (COVID-19). A government may impose strict emergency measures in response to the threat or existence of an infectious disease, such as the emergency measures imposed by governments of many countries and states in response to the COVID-19 virus pandemic. As such, there are potentially significant economic and social impacts of infectious diseases, including but not limited to the inability of the Company to develop and operate as intended, shortage of skilled employees or labor unrest, inability to access sufficient healthcare, significant social upheavals or unrest, disruption to operations, supply chain shortages or delays, travel and trade restrictions, government or regulatory actions or inactions (including but not limited to, changes in taxation or policies, or delays in permitting or approvals, or mandated shut downs), declines in the price of precious metals, capital markets volatility, availability of credit, loss of investor confidence and impact on economic activity in affected countries or regions. In addition, such pandemics or diseases represent a serious threat to maintaining a skilled workforce in the mining industry and could be a major health-care challenge for the Company. There can be no assurance that the Company or the Company’s personnel will not be impacted by these pandemic diseases and the Company may ultimately see its workforce productivity reduced or incur increased medical costs/insurance premiums as a result of these health risks. COVID-19 is rapidly evolving and the effects on the mining industry and the Company are uncertain. The Company may not be able to accurately predict the impact of infectious disease, including COVID-19, or the quantum of such risks. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about by pandemics on globalfinancial markets, which may reduce resources, share prices and financial liquidity and may severely limit the financing capital available to the Company.

AUGUSTA GOLD CORP.

(Formerly known as Bullfrog Gold Corp.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

Recent Accounting Pronouncements(Expressed in US dollars, unless otherwise noted)

There are several new accounting pronouncements issued by the FASB which are not yet effective.

RecentAccountingPronouncements

On July 13, 2017,ASU 2019-12 - Income Taxes (Topic 740)

In December 2019, the FASB issued ASU 2017-11,2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which makes limited changes to the FASB’s guidance on classifying certain financial instruments as either liabilities or equity. The ASU’s objective is to improve (1)simplifies the accounting for instruments with “down-round” provisionsincome taxes by removing certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and (2) the readabilityrecognition of deferred tax liabilities for outside basis differences. The new ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. The guidance in ASC 480is effective for the Company beginning on distinguishing liabilities from equity by replacingOctober 1, 2021 and prescribes different transition methods for the indefinite deferral of certain pending content with scope exceptions.

The ASU applies to issuers of financial instruments with down-round features. It amends (1) the classification of such instruments as liabilities or equity by revising the guidance in ASC 815 on the evaluation of whether instruments or embedded features with down-round provisions must be accounted for as derivative instruments and (2) the guidance on recognition and measurement of the value transferred upon the trigger of a down-round feature for equity-classified instruments by revising ASC 260.various provisions. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its financial statements and related disclosures.

ASU 2020-06 - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40)

In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815- 40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective January 1, 2024, for the Company. Early adoption is permitted, but no earlier than January 1, 2021, including interim periods within that year. Management is currently evaluating the effect of the adoption of ASU 2020-06 on the consolidated financial statements, but currently does not believe ASU 2020-06 will have any financial instruments with a down-round feature but has historically issued warrants with a down-round feature.  Therefore, there is nosignificant impact on the financial statements.Company’s accounting.

FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842)NOTE 2 - MINERAL PROPERTIES AND EQUIPMENT

AUGUSTA GOLD CORP.

(Formerly known as Bullfrog Gold Corp.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Expressed in US dollars, unless otherwise noted)

On October 26, 2020, the Company completed its acquisition of Bullfrog Mines pursuant to the Membership Interest Purchase Agreement (the “MIPA”) among the Company, Homestake Mining Company of California (“Homestake”), and Lac Minerals (USA) LLC (“Lac Minerals” and together with Homestake, the “Barrick Parties”).

Pursuant to the MIPA, the Company purchased from the Barrick Parties all of the equity interests in Bullfrog Mines LLC for aggregate consideration of (i) 9,100,000 units of the Company, each unit consisting of one share of common stock of the Company and one four-year warrant purchase one share of common stock of the Company at an exercise price of C$1.80 (such number of units and exercise price are set out on February 25, 2016.  This guidance supersedes FASB ASC 840, Leases,a pre Reverse Stock Split basis), (ii) a 2% net smelter returns royalty (the “Barrick Royalty”) granted on all minerals produced from all of the patented and requires recognitionunpatented claims (subject to the adjustments set out below), pursuant to a royalty deed, dated October 26, 2020 by and among Bullfrog Mines and the Barrick Parties (the “Royalty Deed”), (iii) the Company granting indemnification to the Barrick Parties pursuant to an indemnity deed, dated October 26, 2020 by and among the Company, the Barrick Parties and Bullfrog Mines, and (iv) certain investor rights, including anti-dilution rights, pursuant to the investor rights agreement dated October 26, 2020, among the Company, Augusta Investments Inc., and Barrick Gold Corporation.

Pursuant to the Royalty Deed, the Barrick Royalty is reduced to the extent necessary so that royalties burdening any individual parcel or claim included in the Barrick Properties on October 26, 2020, inclusive of leased assets and liabilities, representing the rights and obligations created by leases with termsBarrick Royalty, would not exceed 5.5% in the aggregate, provided that the Barrick Royalty in respect of moreany parcel or claim would not be less than 12 months, on0.5%, even if the balance sheet as well as enhanced disclosure overroyalties burdening a parcel or claim included in the amount, timing and uncertainty of cash flows arising from leases.  This ASUBarrick Properties would exceed 5.5%.

The following is effective for fiscal years beginning after December 15, 2018, with an expected impact on the balance sheet of approximately $885,000 as a rightconsideration paid in the acquisition, which was allocated entirely to use asset and a related liability.mineral properties:

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NOTE 23 - STOCKHOLDER’S EQUITY

Recent Sales of Unregistered Securities

On January 25, 2017,11, 2021, the Company issued 2,000,000filed a Certificate of Amendment to its Certificate of Incorporation to change the name of the Company to “Augusta Gold Corp.” and effect a reverse stock split of the Company’s shares of common stock at $0.10 peron the basis of one (1) post-split share for consulting services valued at $200,000 in 2017.every six (6) pre-split shares (the “Reverse Stock Split”).

On May 23, 2017,January 26, 2021, the Company sold an aggregateCertificate of 10,200,000 shares (the “Units”) (9,575,000 common shares and 625,000 series B preferred shares) with gross proceeds to the Company of $816,000 ($30,000 payoff for related party payable and $786,000 cash) to certain accredited investors pursuant toAmendment went effective. As a subscription agreement. The Company is using the proceeds from this offering primarily for general corporate purposes.  Each Unit was sold for a purchase price of $0.08 per Unit and consisted of: (i) one shareresult of the Company’s common stock, $0.0001 par value per share (the “Common Stock”) or preferred stock, $0.0001 par value per share (the “Preferred Stock”) and (ii) a two-year warrant (the “Warrants”) to purchase one hundred (100%) percent of the number ofReverse Stock Split, every six (6) shares of either Common Stock or Preferred Stock purchased at an exercise price of $0.15 per share.  The Warrants contains limitations on the holder’s ability to exercise the Warrant in the event such exercise causes the holder to beneficially own in excess of 4.99% of the Company’s issued and outstanding Common Stock, subject to a discretionary increasecommon stock, par value $0.0001 was converted into one (1) share of common stock, par value $0.0001. There was no change in such limitation by the holder to 9.99% upon 61 days’ notice.  The Warrants were evaluated for purposes of classification between liability and equity.  The Warrants do not contain features that would require a liability classification and are therefore considered equity.  The Black Scholes pricing model was used to estimate the fairpar value of $528,448 of the Warrants with the following inputs:

Using the fair value calculation, the relative fair value between the common stock, preferred stock andstock. The Reverse Stock Split did not change the warrants was calculated to determine the warrants recorded equity amountauthorized number of $346,634 accounted for in additional paid in capital.

On June 30, 2017, the Company issued 100,000 shares of common stock at $0.10or preferred stock of the Company.

No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-Reverse Stock Split shares of the Company’s common stock not evenly divisible by six (6), had the number of post-Reverse Split Shares of the Company’s common stock to which they were entitled rounded up to the next whole number of shares of the Company’s common stock. No stockholders received cash in lieu of fractional shares.

All share information has been retrospectively restated for consulting services valued at $10,000 in 2017.the Reverse Stock Split.

Pursuant to the terms of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Shares”), the conversion price/terms at which Series B Preferred Shares may be converted into shares of common stock were proportionately adjusted to reflect the Reverse Stock Split by dividing the number of pre-Reverse Stock Split shares acquirable upon conversion of Series B Preferred Shares by six (6). In addition, pursuant to their terms, a proportionate adjustment was made to the per share exercise price, multiplying the price by six (6), and number of