New Risk • Apr 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.8m market cap, or US$9.35m). Tillkännagivande • Mar 13
Au Gold Corp. (TSXV:AUGC) completed the acquisition of Havelock Gold-Antimony Project from Leviathan Gold (Australia) Pty. Ltd. Au Gold Corp. (TSXV:AUGC) entered into an agreement to acquire Havelock Gold-Antimony Project from Leviathan Gold (Australia) Pty. Ltd. for CAD 0.53 million on January 12, 2026. A cash consideration of CAD 0.075 million will be paid by Au Gold Corp. The consideration consists of 5 million common equity of Au Gold Corp. to be issued for assets of Havelock Gold-Antimony Project. As part of consideration, CAD 0.08 million is paid towards assets of Havelock Gold-Antimony Project. The Agreement also provides for contingent consideration of CAD 3.00 per ounce of JORC or NI 43-101 compliant resources disclosed in a JORC or NI 43-101 technical report.
The transaction is subject to the approval of the TSX Venture Exchange. As per the announcement dated February 25, 2026 Au Gold Corp has received conditional approval from the TSX Venture Exchange for the Acquisition and is expecting to close the transaction on or around March 4, 2026.
Au Gold Corp. (TSXV:AUGC) completed the acquisition of Havelock Gold-Antimony Project from Leviathan Gold (Australia) Pty. Ltd. on March 11, 2026. Tillkännagivande • Mar 12
Au Gold Corp. announced that it has received CAD 2 million in funding On March 11, 2026, Au Gold Corp. closed the transaction. There are no finder’s fees payable in connection with the Private Placement. Tillkännagivande • Feb 06
Au Gold Corp. announced that it expects to receive CAD 2 million in funding Au Gold Corp. announced a non-brokered private placement to issue 13,333,333 units priced CAD 0.15 each for gross proceeds of CAD 1,999,999.95 on February 5, 2026. Each unit comprises one share and one-half warrant valid for three years. Each whole warrant may be converted to one share at CAD 0.30. The securities issued with respect to the private placement will be subject to a hold period of four months and one day in accordance with applicable securities laws. This financing is subject to TSX Venture Exchange approval. New Risk • Oct 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (66% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.79m market cap, or US$1.28m). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Tillkännagivande • Oct 02
Au Gold Corp. announced that it has received CAD 0.3 million in funding On October 1, 2025, Au Gold Corp. closed the transaction. Finder’s fees of CAD 3,325 were paid to eligible parties. Two directors of the Company purchased or acquired direction and control over a total of 950,000 units under the private placement. Tillkännagivande • Sep 16
Au Gold Corp. announced that it expects to receive CAD 0.25 million in funding Au Gold Corp announced a non-brokered private placement to issue 5,000,000 units at an issue price of CAD 0.05 per unit for gross proceeds of CAD 250,000 on September 15, 2025. Each unit comprises one share and one whole CAD 0.10 warrant valid for two years. The securities issued with respect to the private placement will be subject to a hold period of four months and one day in accordance with applicable securities laws. Tillkännagivande • Jul 02
Au Gold Corp., Annual General Meeting, Sep 02, 2025 Au Gold Corp., Annual General Meeting, Sep 02, 2025. Board Change • Jun 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. President, CEO & Director Marc Blythe was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. President, CEO & Director Marc Blythe was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. President, CEO & Director Marc Blythe was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jul 16
Au Gold Corp., Annual General Meeting, Sep 12, 2024 Au Gold Corp., Annual General Meeting, Sep 12, 2024. Location: british columbia, vancouver Canada Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. President, CEO & Director Marc Blythe was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Feb 07
Au Gold Corp. Announces Resignation of Garrett Ainsworth from the Board Au Gold Corp. announced that founding director Garrett Ainsworth has resigned from the Board of the Company to allow him to focus on his main role. The Company plans a new appointment to the Board in the near future after a formal search is completed and will announce the new candidate upon selection by the Board. Tillkännagivande • Jan 23
Au Gold Corp Provides an Update on its Ponderosa Gold Project Au Gold Corp. provided an update on its Ponderosa Gold Project, located near Merritt, BC. 2023 Field Work: During 2023, infill soil samples (223) were collected from the central part of the Ponderosa property to fill in gaps between areas of previously defined anomalous gold and arsenic response. This sampling returned anomalous gold values, mostly within the structural boundaries of the newly interpreted Ponderosa Structural Corridor, with samples ranging in value from below detection to 390 ppb gold. Despite favourable results from the recent soil sampling program and the newly interpreted structural model, the Company delayed plans to carry out further drilling at Ponderosa in 2023 due to the difficult market conditions. It instead elected to adopt a cash conservation strategy. The Company does however plan to continue drill exploration when market conditions improve. Ponderosa Structural Corridor: Completion of infill soil sampling in the central part of the property provided the final information defining the trace of the Ponderosa Structural Corridor (PSC). The corridor consists of a series of sinistrally offset en-echelon structural segments that trend due north through the central part of the property. The PSC can be traced for approximately 2 km and features continuous and scattered elevated gold and arsenic geochemistry with localized clusters of gold-bearing vein samples along much of the trend (historical surface samples reported up to 46.90 g/t Au and 110 g/t Ag). Axel Ridge, the initial showing upon which the Ponderosa property was staked, is situated at the center of the Ponderosa Structural Corridor and is an enigmatic occurrence that was drill tested by previous operators. Despite multi-gram gold samples up to 12.82 g/t gold at surface and favourable epithermal textures, drilling was unable to trace the zone even to shallow depths. In conjunction with the Ponderosa Structural Corridor, management now interprets Axel Ridge to be associated with lateral fluid flow along the paleo gradient, rather than an upflow or feeder zone. Management believes feeder zones are located close by and likely at lower elevations along the Ponderosa Structural Corridor. Future drilling at Ponderosa will focus on identifying the source of these gold-bearing fluids and following them to depth. Board Change • Dec 27
High number of new directors President, CEO & Director Marc Blythe was the last director to join the board, commencing their role in 2021. New Risk • Jul 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.1m free cash flow). Shares are highly illiquid. Revenue is less than US$1m. Market cap is less than US$10m (CA$673.1k market cap, or US$508.6k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Tillkännagivande • Jul 26
Au Gold Corp., Annual General Meeting, Sep 27, 2023 Au Gold Corp., Annual General Meeting, Sep 27, 2023. Board Change • Apr 11
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Scott Trebilcock is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Feb 08
Au Gold Corp. (TSXV:AUGC) entered into a purchase and sale agreement to acquire the remaining 40% stake in a Ponderosa Gold Project in British Columbia from Almadex Minerals Ltd. (TSXV:DEX) for CAD 0.05 million. Au Gold Corp. (TSXV:AUGC) entered into a purchase and sale agreement to acquire the remaining 40% stake in a Ponderosa Gold Project in British Columbia from Almadex Minerals Ltd. (TSXV:DEX) for CAD 0.05 million on February 7, 2023. As per the terms of the transaction, AUGC shall issue to Almadex a total of 750,000 common shares upon closing and issue 500,000 common shares in the capital of AUGC (the Contingent Shares”) conditional upon the defining of a Mineral Resource on the Ponderosa Gold Project of at least 250,000 ounces of gold. Completion of the Acquisition will bring AUGC to 100% ownership of the Ponderosa Gold Project. The Agreement is subject to the approval of the TSX Venture Exchange. Board Change • Feb 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Scott Trebilcock is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 17
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Scott Trebilcock is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Aug 29
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Scott Trebilcock is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Aug 06
Au Gold Announces Results from 20 Holes Drilled At the Ponderosa Gold Project Au Gold Corp. announced that it has received all assays from its recent diamond drill program at its road accessible Ponderosa epithermal gold project, 16 km southwest of Merritt BC. The program successfully identified the structural hydrothermal system associated with the gold-bearing Tomahawk trench exposures and the surface alteration identified at the Flatiron target. Drilling at both targets confirmed the shallow subsurface geometry of the silica-associated structural zones striking north-northeast and dipping moderately to the west. All holes encountered varying degrees of silicification and structural alteration with the most significant intervals cut at shallow depths along the Tomahawk trend. The drill program only partially tested two of four epithermal gold targets identified on the property. The drill program comprised 20 HQ diameter holes, totaling 2335m and partially tested two of four target areas at Ponderosa; Tomahawk and Flatiron. The program was executed for approximately $288 per meter all in, demonstrating the Company's ability to execute low cost technical drill programs. Sixteen drillholes were located along a 200 m section of the Tomahawk Zone from the trench exposures in the south and northward along the trend defined by weak gold and arsenic-in soil geochemistry and a subtle elevated linear ridge apparent from the digital terrain data. The moderately westward dipping Tomahawk structural zone is characterized by a complex series of late destructive silica-rich floods and breccia events overprinting earlier classic banded epithermal veins and vein zones. This extensive silicification and brecciation appears to be non-gold bearing. Epithermal vein clasts commonly occur as breccia fragments and range from angular to sub-rounded indicating multi-stage overprint emplacement with varying degrees of fragment milling. Matrix supported breccias are white to dark grey, the latter containing abundant fine to- ultrafine grained pyritization as clusters and concentrations along fragment boundaries resembling epithermal stylebanding. Later-stage alteration overprint includes grey silica-hematite as crackle and mosaic breccias, veins, veinlets and stringers. All mineralization contains latest-stage carbonate alteration. Narrow epithermal veins and portions of vein zones preserved within the late destructive silica structural overprint are dominantly quartz-adularia and exhibit classic coliform, comb and cockade textures with lesser ginguro banding and occasional amethyst. Intervals grading in excess of 1 g/t gold are mostly associated with preserved epithermal vein mineralization in the broader silica alteration zone. The footwall of the Tomahawk structural zone hosts the highest concentration of narrow unaltered epithermal veins and veinlets. The best example is observed from PD22-13 where a 1.0 m interval of mildly silicified footwall volcanic host contains approximately 15% epithermal veining and graded 2.20 g/t gold. Four drill holes located at the Flatiron Zone tested silicified bedrock exposures along strike from the historical gold-bearing trenches. Broad zones of silicification, brecciation and manganiferous-hematization were encountered as interpreted from the surface exposures but these zones appear to be similar in nature to the late-stage non-gold-bearing structural alteration observed at the Tomahawk Zone. Only rare high-level epithermal veins/veinlets were encountered, unlike the concentrations of epithermal vein mineralization at surface and lower elevations to the north. No anomalous gold intervals were sampled from the Flatiron drill holes. The Tomahawk and Flatiron zones are two of four known targets on the property and were selected primarily due to the presence of anomalous gold values in rock samples along with outcrop exposures which enabled accurate interpretation of the mineralizing system geometry. The T-Bone Zone hosts the strongest and most continuous gold-arsenic geochemistry on the property but has only received cursory surface exploration to date in the form of minor historical hand pits as much of the area is overburden/till covered. Follow-up prospecting of elevated soil sample sites along the main access road through the central part of the T-Bone target area identified a 3 m wide zone of bleached and clay altered silicified volcanic subcrop. A composite sample of select material across the zone yielded 0.47 g/t gold. This zone is believed to be one of a number of high-level mineralized structures defining the T-Bone gold-arsenic soil geochemical anomaly and remains to be drill tested.The Company has substantially reclaimed the drill sites, which were selected to minimize disturbance. In addition, historical trenches were backfilled, contoured and revegetated in accordance with commitments the Company made to local First Nations. All scientific and technical information in this press release has been prepared by William Wengzynowski, P. Eng., a qualified person as defined by NI 43-101. Mr. Wengzynowski is the Exploration Manager for Au Gold Corp. All samples were submitted to ALS Canada Ltd. in North Vancouver, BC for sample preparation and analysis. Samples were fine crushed to 70% passing 2 millimeters before a 250 gram split was pulverized to better than 85% passing 75 microns. Pulps were then analyzed for gold by fire assay using the Au-ICP22 technique (Inductively Coupled Plasma - Atomic Emission Spectrometry finish) using a 50 gram charge. Multi-element analyses for 51 elements including gold and silver were determined for all sample pulps using the ME-MS41 procedure which utilizes an ultra-trace aqua regia acid digestion followed by inductively coupled plasma mass spectroscopy finish. Tillkännagivande • Jul 23
Au Gold Corp., Annual General Meeting, Sep 27, 2022 Au Gold Corp., Annual General Meeting, Sep 27, 2022. Tillkännagivande • Jun 05
Au Gold Increases its Diamond Drill Program at Ponderosa (Spence's Bridge Gold Belt) Au Gold Corp. provided an update on its diamond drilling at its road accessible Ponderosa epithermal gold project, 16 km southwest of Merritt BC. Due to a combination of geological interpretation, timing and cost savings realized, the Company has increased the drill program to 20 holes and approximately 2,200m (originally 10 - 14 holes and 1,500m). Despite difficult weather conditions and late arrival of spring, the program is anticipated to be completed shortly. Drilling has focused primarily on the Tomahawk Zone with a small number of holes targeting the Flat Iron Zone. These are just two of four zones AUGC has identified on the property with high potential to host gold bearing mineralization. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Scott Trebilcock is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Apr 22
Au Gold Corp Begins Diamond Drilling At Its Road Accessible Ponderosa Epithermal Gold Project Au Gold Corp. announced it has begun diamond drilling at its road accessible Ponderosa epithermal gold project that is located 16 km southwest of Merritt BC. The fully funded program will comprise a minimum 1,500 m of HQ diameter core drilling in 10 to 14 holes targeting the Tomahawk and Flat Iron Zones in the central part of the property. Highlights: Fully funded diamond drill program of 1,500 m in 10-14 holes has commenced. Targeting 15 m wide auriferous bedrock vein exposure at Tomahawk that has never been drill-tested. Targeting 25 m wide historical auriferous zone at Flat Iron that has never been drill-tested. The Tomahawk Zone is currently exposed for 55 m along a north-northeast strike and 15 m across the widest continuous exposure. Dips are moderate to steep toward the west between 45 and 70degrees. Mineralization and alteration comprise high level angular volcanic breccias with multiplephases of silica cement and stockwork style veining; tan to orange-brown clay altered volcanic oftenfinely fractured with multiple generations of clear to white sheeted quartz; and massive to weaklycrustiform banded opaque and white quartz veining. Select saw channel samples from hand trenchesdefining the zone returned 3.99 g/t Au and 14.9 g/t Ag across 1 m of quartz veining and 0.63 g/t Auacross 1.25 m of adjacent altered volcanic. The vein zone remains open along strike and the hanging-wall contact has not been delineated. he Flat Iron Zone is interpreted as an offset continuation of the Tomahawk Zone and lies 100 m to thesouth-southeast across a property scale easterly trending structure. Historical trenching in this targetarea encountered a broad zone of altered and silicified volcanic strata with localized quartz vein materialfrom which a 25 m interval reportedly returned a weighted average grade of 0.80 g/t Au. The historicalreport documents seven chip samples (0.5 to 1.0 m) within the interval exceeding 1 g/t Au to amaximum of 7.54 g/t Au across 1.0 m. In addition, a narrow parallel zone of similar mineralization andalteration was identified by historical trenching approximately 60 m to the east. Samples of quartz-richmineralization from this zone reportedly returned 1.24 g/t Au across 4.0 m.Further assessment of the Flat Iron target by AUGC in 2021 mapped out two roughly 30 m wide parallelnorth-northeast trending zones of rusty clay altered and weakly silicified volcanic with numerousconcentrations of localized quartz vein material ranging in width from several cm's to 25 cm. Thissurface vein mineralization was traced 70 m along strike to the south-southwest from the reportedhistorical trench locations. A series of composite surface samples consisting only of quartz vein materialfrom the two parallel zones returned values ranging from 0.10 g/t Au to 1.02 g/t Au. None of thealtered volcanic was sampled. A single historical drill hole was collared east of the trenches with an azimuth to the west to test whatwas interpreted as an easterly dipping target, however, nothing of significance was encountered. AUGCbelieves the Flat Iron target has similar geometry to the Tomahawk Zone with a moderate dip to thewest, so it is likely that this historical drill hole tested parallel to the target. Accordingly, drill-testing ofboth the Tomahawk and Flat Iron targets will be designed to test the west dipping target.Qualified Person: All scientific and technical information in this press release has been prepared by WilliamWengzynowski, P. Eng., a qualified person as defined by NI 43-101. Mr. Wengzynowski is the ExplorationManager for Au Gold Corp. Board Change • Mar 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Scott Trebilcock is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Jan 21
Au Gold Corp., Annual General Meeting, Mar 15, 2021 Au Gold Corp., Annual General Meeting, Mar 15, 2021. Tillkännagivande • Jan 14
Au Gold Corp. Announces Completion of Trench Sampling Program at its Ponderosa Gold Property in the Spences Bridge Gold Belt, British Columbia Au Gold Corp. announced the submission of a series of comprehensive channel and chip samples collected from the Tomahawk Zone in late October, 2020 to ALS Global Geochemistry Analytical Lab in North Vancouver B.C. This work formed part of the recommendations presented in the Company's recently filed October 6, 2020 NI 43-101 compliant "Technical Report on the Ponderosa Property". Tomahawk Zone: The Tomahawk Zone is the most advanced and higher priority showing on the Property. The area was identified through historical prospecting as a quartz rubble pile roughly 3 m in diameter. Six historical grab samples reportedly returned from below detection to 0.54 g/t gold but no additional follow-up work was conducted. In 2019 the Company expanded the target scope by prospecting an additional six grab samples of epithermal quartz material further afield that returned values ranging from below detection limits to 2.96 g/t gold. Subsequent hand trenching identified in-situ epithermal style mineralization and alteration along a 55 m strike length and 15 m across the widest continuous exposure. The vein zone remains open along strike and the footwall contact has not yet been delineated. Mineralization and alteration assemblages are characterized by varying degrees of silicification, brecciation (silica cementing strongly clay altered and oxidized volcanic clasts), quartz flooding (resembling sheeted veinlets and narrow veins) and massive silica exhibiting cryptocrystalline to weak crustiform banded textures. The Company interprets these textural characteristics as high-level epithermal indicators and is encouraged by the significant widths defining the zone. The Tomahawk vein zone strikes north-northeast and dips moderately westward between 45 and 70 degrees. Interpreted dips suggest true widths are between 70% and 90% of the reported surface exposures. These orientations coincide with a number of other showings on the property that remain under explored. Both channel and chip sampling methods were utilized among the four trenches sampled. Channel sampling was completed using a rock saw to cut two parallel lines approximately 5 cm apart to a depth of 8 to 10 cm along the bedrock exposure while a number of highly friable sections were chip sampled by conventional means. One meter sample intervals were measured horizontally along the length of the exposures and stations were marked with interval and sample number on double sided aluminium tags. Material was extracted from sawn channels with the use of a wedge and mallet. Select vein and alteration material was photographed from each sample site before being placed in double poly bags, labeled and zap strapped. Assay results will be released as they are received and interpreted. Ponderosa Gold Property: The road accessible Ponderosa Gold Property is located 16 km southwest of Merritt, BC, within the Spences Bridge Gold Belt which forms a northwest trending belt roughly 180 km long and up to 24 km wide. Exploration by AUGC and others, notably Westhaven Gold Corp., has identified the potential for gold associated with low-sulphidation epithermal mineralization (quartz-adularia) within the Spences Bridge Gold Belt. Examples of this style of mineralization elsewhere include Kupol (Kinross Gold Corp.), Hishikari (Sumitomo Metal Mining) and Fruta Del Norte (Lundin Gold). Rocks of immediate interest in the belt and underlying much of the Property comprise successions of Cretaceous subaerial and pyroclastic volcanic flows which host significant gold mineralization at Westhaven Gold Corp.'s Shovelnose project approximately 20 km southeast of the Ponderosa Gold Property. Geology across the Ponderosa Gold Property is broadly divided into two Cretaceous age volcanic sequences comprising subaerial and pyroclastic volcanic flows of the Pimainus and Spius Formations. Historical exploration at Ponderosa focused almost exclusively on an in-situ occurrence referred to as "Axel Ridge", which is characterized by outcropping cryptocrystalline/saccharoidal to crustiform and colloform banded epithermal quartz. A series of trenches excavated across these outcropping exposures reported highlights including 2.22 g/t gold over 11.7 m, 1.92 g/t gold over 14.0 m (with 3.03 g/t gold over 8.0 m) and 3.6 g/t gold over 7.0 m. It should be noted the true widths of the reported intervals are estimated to be 3 m or less given the unusual shallow dips at this locale. Follow-up diamond drilling of seven holes at Axel Ridge was unsuccessful in intersecting the surface mineralization at depth. AUGC is not planning any exploration at Axel Ridge at this time. Work conducted in 2019 and 2020 significantly upgraded three historic showings and identified an entirely new showing. These showings in order of priority are referred to as the Tomahawk, Flat Iron, T-Bone and Rib Eye zones. The Tomahawk Zone is the most advanced and higher priority showing on the Property. 
