On June 29, 2022, Augusta Gold Corp. (the “Company”) received the signed summary technical report for its newly acquired Reward Gold Project in Nye County, Nevada. The report titled “Mineral Resource Estimate for the Reward Project, Nye County, Nevada, USA” with an effective date of May 31, 2022 and a signing date of June 29, 2022 (the “Technical Report”), was prepared for the Company by Michael Dufresne, M.Sc., P. Geol., P. Geo., of APEX Geoscience Ltd. and Timothy D. Scott, BA.Sc., RM SME, of Kappes, Cassiday & Associates, each of whom is a qualified person under Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended (“S-K 1300”).

The Reward Gold Project (the “Project” or “Reward Project”) is situated about 11.3 km (7 miles) south-southeast of the town of Beatty, NV about 3.2 km (2 miles) east of US Highway 95 in Nye County. The Project can be accessed from Beatty by paved road on Highway 95 followed by traveling two miles east on a gravel road. Several dirt roads diverge into various canyons of the Bare Mountains.

The Project area lies within Sections 1, 2, 3, 4, 9, 10, 11 and 16 of Township 13 South, Range 47 East and Sections 33, 34, and 35 of Township 12 South, Range 47 East, all referred to the Mount Diablo Baseline and Meridian. The Project can be accessed from Beatty by paved road on Highway 95 followed by traveling two miles east on a gravel road. Several dirt roads diverge into various canyons of the Bare Mountains.

The Project is an exploration stage property with measured, indicated and inferred mineral resources but no known mineral reserves. The Technical Report details an updated mineral resource estimate (MRE) for the Reward Project. The 2022 MRE for Reward was completed by Mr. Warren Black, M.Sc., P.Geo., of APEX under the direct supervision of Mr. Dufresne, M.Sc., P.Geol., P.Geo.

and the QP who takes responsibility for the MRE. Mr. Steven Nicholls, BA.Sc., MAIG, a QP and APEX's senior resource geologist performed an internal audit of the MRE. CR Reward and Augusta provided APEX with a drill hole database that consisted of analytical, geological, density, and collar survey information, initial estimation domains for the Good Hope Deposit and Gold Ace Zone, and a geological model that contained a stratigraphic and structural 3D interpretation.

A block model size of 20 ft (X) by 20 ft (Y) by 20 ft (Z) was used for the gold estimation. The assay data was examined using a combination of histograms, cumulative frequency plots, and summary statistics; this indicated gold samples generally exhibited a single assay population. Samples were composited to 10 ft lengths.

Probability plots were used to evaluate grade statistics and determine whether capping was warranted. A capping level of 0.292 oz/st (10.01 grams per tonne [g/t]) Au was applied to samples in the Good Hope Deposit, and a cap level of 0.146 oz/st (5.01 g/t) Au to samples in the Gold Ace Zone. Semi-variograms for gold were modelled using the 10 ft composites flagged within the estimation domains.

A bulk density of 2.59 g/cm3 was applied to all blocks in the Good Hope Deposit. As there is evidence for the need for a higher bulk density value for blocks flagged within the Morris Member in the Good Ace Zone, they were assigned a value of 2.70 g/cm3. However, as there is an insufficient number of bulk density measurements of the Sutton Member within the Gold Ace estimation domain, all other blocks at the Gold Ace Zone were assigned a bulk density of 2.59 g/cm3.

Ordinary kriging (OK) was used to estimate gold grades for those blocks that contained more than 1.56% mineralized material by volume. A block discretization of 2 (X) by 2 (Y) by 2 (Z) was applied to all blocks during estimation. A two-pass method was used.

The first pass required a minimum of two drill holes, a maximum of 15 composites and no more than three composites from any one drill hole. Soft boundaries were used between the high and low-grade domains in the Good Hope Deposit, and mineralization and waste in the Good Hope Deposit and the Gold Ace Zone. Estimation validation included visual inspection in plan view and in cross-section, examination of swath plots, review of mineralization/waste contact profiles and volume-variance effects.

The estimate was found to be reasonable. Mineral Resources were classified using a combination of assessment of geological confidence, data quality and grade continuity. Resource classification was determined using a three-pass strategy, where Measured was classified in the first run, Indicated in the second, and Inferred in the third run.

A small portion of blocks at the northern (>6500 N) and southern (<2750 N) extents of the Good Hope Deposit were manually adjusted to Inferred as there is insufficient drilling density in the QP's opinion to justify higher confidence classifications. The Project area lies within Sections 1, 2, 3, 4, 9, 10, 11 and 16 of Township 13 South, Range 47 East and Sections 33, 34, and 35 of Township 12 South, Range 47 East, all referred to the Mount Diablo Baseline and Meridian. Canyon Resources Corporation (Canyon Resources) holds a 100% interest in the mineral claims that form the Project.

In 2008, Canyon Resources assigned all of the patented and unpatented claims comprising the Project to an entity which was subsequently converted into CR Reward. The Project encompasses 121 unpatented Bureau of Land Management (BLM) placer and lode mining claims and six patented placer mining claims, totalling approximately 2,333 net acres (944 hectares). Only the patented claims have been legally surveyed.

Under United States mining law, claims may be renewed annually for an unlimited number of years upon a small payment per claim (currently $155 per claim due to the BLM and an aggregate $1,502 due to Nye County) and the same claim status—whether lode or placer—may be used for exploration or exploitation of the lodes or placers. Several blocks of unpatented claims are leased by CR Reward from underlying owners, and are referred to as Connolly, Webster, Orser–McFall and Van Meeteren leases.