AUGUSTA GOLD CORP. SEC 10-Q Report

Augusta Gold Corp., a company focused on the exploration and development of gold projects in the United States, has released its Form 10-Q report for the third quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities, highlighting key metrics and recent developments.

Financial Highlights

• Net Operating Loss: $(1.19) million for the three months ended September 30, 2025, compared to $(1.07) million for the same period in 2024, reflecting increased general and administrative expenses.
• Net Operating Loss: $(3.25) million for the nine months ended September 30, 2025, compared to $(3.58) million for the same period in 2024, indicating a decrease in exploration, evaluation, and project expenses.
• Net Loss and Comprehensive Loss: $(2.24) million for the three months ended September 30, 2025, compared to $(1.71) million for the same period in 2024, primarily due to higher interest expenses.
• Net Loss and Comprehensive Loss: $(5.76) million for the nine months ended September 30, 2025, compared to $(4.83) million for the same period in 2024, driven by increased interest expenses and lower revaluation of warrant liability.
• Loss per Common Share – Basic and Diluted: $(0.03) for the three months ended September 30, 2025, compared to $(0.02) for the same period in 2024.
• Loss per Common Share – Basic and Diluted: $(0.07) for the nine months ended September 30, 2025, compared to $(0.06) for the same period in 2024.

Business Highlights

• Geographical Performance: The company operates primarily in the United States, focusing on exploration and evaluation activities at its Bullfrog Mines and CR Reward projects. These projects are located in Nevada, with the Bullfrog Gold Project situated approximately 120 miles northwest of Las Vegas and the Reward Gold Project located seven miles from Bullfrog.
• Exploration and Development Activities: The company is in the exploration stage for its Bullfrog Project and has not yet made a development decision on its Reward Gold Project, despite having mineral reserves under SK 1300. The company continues to focus on exploration and advancement of these projects, which may lead to gold production or strategic transactions.
• Operational Focus: Augusta Gold Corp. is focused on building a long-term business by developing its Bullfrog and Reward gold projects and pursuing accretive merger and acquisition opportunities. The company does not currently generate cash flows from mining operations.
• Recent Developments: On July 16, 2025, Augusta Gold Corp. announced a definitive merger agreement with AngloGold Ashanti plc, under which AngloGold Ashanti will acquire all of the company's issued and outstanding shares of common stock. This transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.
• Future Outlook: The company plans to continue its exploration and engineering evaluation programs to ascertain whether its properties contain economic concentrations of precious and base metals that are prospective for mining. The merger with AngloGold Ashanti is expected to provide strategic benefits and enhance the company's operational capabilities.

SEC Filing: AUGUSTA GOLD CORP. [ AUGG ] - 10-Q - Oct. 16, 2025