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Augusta Gold Corp. (AUGG-2.46%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss of $6,587,624 for the year, compared to a net income of $6,658,010 in the previous year. The company attributes the loss to decreased general and administrative expenses and exploration costs.
Augusta Gold's primary assets are the Bullfrog and Reward gold projects in Nevada. The Bullfrog project is in the exploration stage with measured, indicated, and inferred resources, while the Reward project is in the development stage with established mineral reserves.
The company reported a working capital deficiency of approximately $34,000,000 as of December 31, 2024. Augusta Gold plans to continue financing its operations through additional debt, equity financing, or strategic alternatives.
The report details Augusta Gold's exploration activities, including drilling and geologic modeling at the Bullfrog project, and ongoing development and compliance activities at the Reward project.
Augusta Gold's management acknowledges the risks associated with mining operations, including regulatory compliance, environmental regulations, and market fluctuations in gold prices.
The company has not generated revenue from mining operations and continues to focus on exploration and potential development of its projects.
Augusta Gold's stock is quoted on the OTCQB under the symbol 'AUGG' and on the Toronto Stock Exchange under the symbol 'G'. The company does not anticipate paying cash dividends in the foreseeable future.
The filing also includes information on the company's governance, executive compensation, and financial controls, as well as a discussion of recent accounting pronouncements and their impact on the financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Augusta Gold Corp. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.