Augusta Gold Corp. announced that it has entered into an agreement to acquire the Reward Project, located just seven miles from the Company's Bullfrog Project in Nevada (the Transaction). The Reward Project has a historical measured and indicated mineral resource estimate of 416,800 ounces (oz) of oxide gold grading 0.022 oz/t (0.75 g/t) gold, a historical proven and probable mineral reserve estimate of 377,000 oz of gold grading 0.024 oz/t (0.82 g/t) gold, and has received the necessary permits to proceed to construction of the project.

Test work developed for the historical estimate projected gold recoveries of 81%. The Company plans to immediately undertake work to update the historical estimates with development of the Reward Project anticipated to follow shortly thereafter. Augusta Gold will purchase the Reward Project from Waterton Nevada Splitter LLC (Waterton) for the following consideration: USD 12.5 million cash paid on closing of the Transaction (Closing) with cash on hand; USD 15.0 million comprised of 7,800,000 Augusta Gold shares paid on Closing with the remaining payable at the time of Augusta Gold's next equity financing, in cash or Augusta Gold shares, provided the additional amount of shares does not result in Waterton owning more than 9.99% of Augusta Gold's issued and outstanding shares; and USD 17.5 million cash paid within 90 days of Closing (the Deferred Payment), which is backstopped by the Company's Executive Chairman and significant shareholder, Mr. Richard Warke.