# AUGUSTA GOLD ANNOUNCES FEASIBILITY STUDY RESULTS FOR ITS 100% OWNED, CONSTRUCTION-READY REWARD PROJECT; INITIATES STRATEGIC PROCESS Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1 Original source: https://money.tmx.com/en/quote/G/news/7613351952397104/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction- Publisher: tmx Original announcement: 2024-09-05T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Augusta Gold Corp. - Ticker: G - Exchange: TSX - Region: Nevada - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Metallurgy, Permitting - Extracted: 2026-08-21 09:30:49 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Augusta Gold announced the results of a Feasibility Study for its 100% owned, construction-ready Reward Project in Nevada, reporting Proven and Probable Mineral Reserves of 370,000 oz of gold at 0.025 oz/t. The study outlines an open pit, heap leach operation with a 7.6-year mine life, an average annual gold production of 39 koz, and an All-in Sustaining Cost of $1,328/oz. The project has all required permits in place, and the company has initiated a strategic review process to maximize shareholder return. Reasoning: Augusta Gold has released a positive Feasibility Study for its construction-ready Reward Project, outlining robust economics and significant gold reserves, with all necessary permits secured. While the Bullfrog resource is substantial with high confidence, its grades are weak and the estimate is stale. - Positive factor: Feasibility Study completed - Positive factor: permits in place - Positive factor: positive economics \(NPV, IRR\) - Positive factor: significant gold reserves - Positive factor: QP/CP signed - Positive factor: high M&I confidence for Bullfrog - Negative factor: strategic review initiated - Negative factor: loan extension - Negative factor: small contained metal for Reward reserves - Negative factor: stale estimate for Bullfrog resources - Negative factor: weak grades for Bullfrog resources Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Feasibility Study reports 164,000 oz of gold in the Proven category. Evidence · table > Proven Context: 6,052 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Feasibility Study reports 205,000 oz of gold in the Probable category. Evidence · table > Probable Context: 8,999 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Thomas L. Dyer, PE, RESPEC is a Qualified Person responsible for reporting Proven and Probable Mineral Reserves for the Reward Project. Evidence · text > Thomas L. Dyer, PE, RESPEC of Reno, Nevada, is a Qualified Person as defined in NI 43-101 and SK 1300, is responsible for reporting Proven and Probable Mineral Reserves for the Reward Project. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: All estimates of Mineral Reserves have been prepared in accordance with National Instrument 43-101. Evidence · text > All estimates of Mineral Reserves have been prepared in accordance with National Instrument 43 - 101 – Standards of Disclosure for Mineral Projects \(" NI 43-101 "\) **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document announces the results of a Feasibility Study, which is the highest level of study. Evidence · text > AUGUSTA GOLD ANNOUNCES FEASIBILITY STUDY RESULTS **Moderate Grade** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The average reserve grade of 0.025 oz/ton \(0.86 g/t\) gold for an open pit operation falls within the moderate grade band \(0.8-1.5 g/t\). Evidence · text > 370,000 oz of gold grading 0.025 oz/t gold \(0.86 g/t\) in a conventional open pit **Small Contained Metal** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The total Proven and Probable contained gold of 370,000 oz is below the weak threshold of 500,000 oz for gold contained metal scale. Evidence · table > 370 Context: Proven and Probable **Construction Ready** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is explicitly stated as 'construction-ready' in the title and body. Evidence · text > CONSTRUCTION-READY REWARD PROJECT **Permits Granted** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document highlights that the project has 'all required permits in place to commence construction' and lists several granted permits. Evidence · text > Project has all required permits in place to commence construction **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The project is described as a 'conventional open pit, heap leach operation'. Evidence · text > conventional open pit, heap leach operation **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Gold recoveries of 79% for a heap leach operation are considered strong to exceptional based on rubrics \(heap\_leach: 75 / 65 / 55 / 45\). Evidence · text > Recoveries used for the Reward study are 79% **Strategic Review Initiated** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company has initiated a strategic review process to evaluate alternative opportunities to maximize shareholder return. Evidence · text > The Company has also initiated a strategic review process to evaluate alternative opportunities to maximize shareholder return **Loan Extension** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company has agreed in principle with its lender to extend the term of its loan through to February 28, 2025. Evidence · text > The Company has agreed in principle with its lender, Augusta Investments Inc. \(the " Lender "\), to extend the term of its loan with the Lender through to February 28, 2025 **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Bullfrog Project reports 30.13 Mt of Measured Mineral Resources. Evidence · table > Measured Context: 30.13 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Bullfrog Project reports 40.88 Mt of Indicated Mineral Resources. Evidence · table > Indicated Context: 40.88 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Bullfrog Project reports 16.69 Mt of Inferred Mineral Resources. Evidence · table > Inferred Context: 16.69 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the Bullfrog mineral resource estimate is December 31, 2021, which is over two years old. Evidence · text > The effective date of the Bullfrog mineral resource estimate is December 31, 2021. **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The notes for the Bullfrog resource estimate describe parameters used for pit shell optimization but do not explicitly state a cut-off grade. Evidence · text > Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au **Exceptional M&I Confidence** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Bullfrog Project has 71.01 Mt of Measured and Indicated resources out of a total of 87.7 Mt \(M+I+I\), resulting in approximately 81% M&I confidence, which is exceptional \(>=75%\). Evidence · table > 71.01 Context: Measured and Indicated **Weak Grade** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Measured \(0.544 g/t Au\), Indicated \(0.519 g/t Au\), and Inferred \(0.481 g/t Au\) gold grades for the Bullfrog Project are all within the weak grade band \(0.4-0.8 g/t\) for an open pit operation. Evidence · table > 0.544 Context: 30.13 **Moderate Contained Metal** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The combined Measured and Indicated contained gold of 1,209.29 koz for Bullfrog falls within the moderate contained metal scale \(1,000,000 - 2,000,000 oz\). Evidence · table > 1,209.29 Context: Measured and Indicated ## Extracted facts Stored fact records: 17. Some facts used in scoring do not have a stored record. ## Resource Estimates (17) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-0) Reward Project · gold #### Identity - Project: Reward Project - Commodity: gold - Ticker: G #### Resource Data - Category: proven - Tonnes: 6052000 - Grade: 0.027 - Grade Unit: oz/ton - Contained Metal: 164000 - Contained Unit: oz - Cutoff Grade: 0.008 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The reported Proven Mineral Reserves for the Reward Project have a moderate gold grade for an open pit operation, but the overall contained metal is relatively small. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: DFS-Supporting - Positive factor: moderate\_grade - Negative factor: small\_contained\_metal Evidence · table > 0.027 Context: 6,052 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-1) Reward Project · gold #### Identity - Project: Reward Project - Commodity: gold - Ticker: G #### Resource Data - Category: probable - Tonnes: 8999000 - Grade: 0.023 - Grade Unit: oz/ton - Contained Metal: 205000 - Contained Unit: oz - Cutoff Grade: 0.008 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The reported Probable Mineral Reserves for the Reward Project have a moderate gold grade for an open pit operation, but the overall contained metal is relatively small. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: DFS-Supporting - Positive factor: moderate\_grade - Negative factor: small\_contained\_metal Evidence · table > 0.023 Context: 8,999 ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-2) Reward Project · gold #### Identity - Project: Reward Project - Commodity: gold - Ticker: G #### Lab - Laboratory: McClelland labs #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Feasibility Study outlines robust economics for the Reward Project, including a strong NPV, IRR, and competitive AISC, supported by all necessary permits, making it construction-ready. - Positive factor: positive\_npv\_irr - Positive factor: low\_aisc - Positive factor: permits\_in\_place - Positive factor: construction\_ready - Negative factor: strategic\_review\_initiated - Negative factor: loan\_extension Evidence · table > 369,692 Context: Contained Au, oz ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-3) Reward Project · gold #### Identity - Project: Reward Project - Commodity: gold - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The capital cost summary provides key financial details for the Reward Project's development, including initial and sustaining capital requirements. Evidence · table > $89.7 Context: Total Initial Capital ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-4) Reward Project · gold #### Identity - Project: Reward Project - Commodity: gold - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The life of mine operating cost summary provides a clear breakdown of the per-tonne operating costs for the Reward Project. Evidence · table > $21.88 Context: Total ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-5) Reward Project #### Identity - Project: Reward Project - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Mine Plan of Operations permit has been granted, indicating a significant de-risking milestone for the project's construction readiness. - Positive factor: Permits Granted Evidence · text > Mine Plan of Operations N-82840, authorized by U.S. Department of the Interior – Bureau of Land Management \(BLM\). ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-6) Reward Project #### Identity - Project: Reward Project - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Water Pollution Control Permit has been issued, confirming regulatory approval for the project's environmental management. - Positive factor: Permits Granted Evidence · text > Water Pollution Control Permit NEV2007101, issued by the Nevada Division of Environmental Protection – Bureau of Mining Regulation and Reclamation \(NDEP-BMRR\). ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-7) Reward Project #### Identity - Project: Reward Project - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Mine Reclamation Permit has been issued, demonstrating compliance with environmental restoration requirements. - Positive factor: Permits Granted Evidence · text > Mine Reclamation Permit \#0300, issued by the NDEP-BMRR. ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-8) Reward Project #### Identity - Project: Reward Project - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: Water appropriation permits have been issued, securing essential water rights for mining and processing operations. - Positive factor: Permits Granted Evidence · text > Water appropriation permits 76390 and 89658, issued by the Nevada Division of Water Resources \(NDWR\) for mining, milling, dewatering, and domestic uses. ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-9) Reward Project #### Identity - Project: Reward Project - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Biological Opinion has been approved, indicating compliance with wildlife protection regulations. - Positive factor: Permits Granted Evidence · text > Biological Opinion 84320-2008-F-0293, approved by U.S. Fish and Wildlife Service \(USFWS\). ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-10) Reward Project #### Identity - Project: Reward Project - Ticker: G #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Class II Air Quality Permit has been issued, ensuring the project meets air quality standards. - Positive factor: Permits Granted Evidence · text > Class II Air Quality Permit AP1041-2492, issued by NDEP – Bureau of Air Pollution Control \(BAPC\). ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-11) Bullfrog Project · gold #### Identity - Project: Bullfrog Project - Commodity: gold - Ticker: G #### Resource Data - Category: measured - Tonnes: 30130000 - Grade: 0.544 - Grade Unit: g/t - Contained Metal: 526680 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Bullfrog Project hosts a significant Measured gold resource with high confidence, but the grade is weak and the estimate is stale with an undisclosed cut-off. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: exceptional\_m\_and\_i\_confidence - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: weak\_grade Evidence · table > 0.544 Context: 30.13 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-12) Bullfrog Project · silver #### Identity - Project: Bullfrog Project - Commodity: silver - Ticker: G #### Resource Data - Category: measured - Tonnes: 30130000 - Grade: 1.35 - Grade Unit: g/t - Contained Metal: 1309130 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Bullfrog Project hosts a significant Measured silver resource with high confidence, but the grade is weak and the estimate is stale with an undisclosed cut-off. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: exceptional\_m\_and\_i\_confidence - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: weak\_grade Evidence · table > 1.35 Context: 30.13 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-13) Bullfrog Project · gold #### Identity - Project: Bullfrog Project - Commodity: gold - Ticker: G #### Resource Data - Category: indicated - Tonnes: 40880000 - Grade: 0.519 - Grade Unit: g/t - Contained Metal: 682610 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Bullfrog Project hosts a significant Indicated gold resource with high confidence, but the grade is weak and the estimate is stale with an undisclosed cut-off. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: exceptional\_m\_and\_i\_confidence - Positive factor: moderate\_contained\_metal - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: weak\_grade Evidence · table > 0.519 Context: 40.88 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-14) Bullfrog Project · silver #### Identity - Project: Bullfrog Project - Commodity: silver - Ticker: G #### Resource Data - Category: indicated - Tonnes: 40880000 - Grade: 1.18 - Grade Unit: g/t - Contained Metal: 1557490 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Bullfrog Project hosts a significant Indicated silver resource with high confidence, but the grade is weak and the estimate is stale with an undisclosed cut-off. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: exceptional\_m\_and\_i\_confidence - Positive factor: moderate\_contained\_metal - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: weak\_grade Evidence · table > 1.18 Context: 40.88 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-15) Bullfrog Project · gold #### Identity - Project: Bullfrog Project - Commodity: gold - Ticker: G #### Resource Data - Category: inferred - Tonnes: 16690000 - Grade: 0.481 - Grade Unit: g/t - Contained Metal: 257900 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Bullfrog Project's Inferred gold resource is speculative, with weak grades and small contained metal, and the estimate is stale with an undisclosed cut-off. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: weak\_grade - Negative factor: small\_contained\_metal Evidence · table > 0.481 Context: 16.69 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/augusta-gold-announces-feasibility-study-results-for-its-100-owned-construction--8caf15bd-fcb8-497d-a9d7-1e93289dbaf1#fact-resource-facts-16) Bullfrog Project · silver #### Identity - Project: Bullfrog Project - Commodity: silver - Ticker: G #### Resource Data - Category: inferred - Tonnes: 16690000 - Grade: 0.96 - Grade Unit: g/t - Contained Metal: 515720 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-09-05T00:00:00.000Z Reasoning: The Bullfrog Project's Inferred silver resource is speculative, with weak grades and small contained metal, and the estimate is stale with an undisclosed cut-off. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: weak\_grade - Negative factor: small\_contained\_metal Evidence · table > 0.96 Context: 16.69 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.