Augusta Gold Stock Price, News & Analysis

Augusta Gold Corp. (OTCQB: AUGG), historically listed on the Toronto Stock Exchange under the symbol G and on the Frankfurt Stock Exchange under 11B, is an exploration and development company focused on gold projects in Nevada. According to company disclosures, Augusta Gold is centered on advancing its Reward and Bullfrog gold projects in the prolific Bullfrog mining district, located approximately 120 miles north-west of Las Vegas, Nevada and just outside of Beatty, Nevada.

The company describes itself as focused on building a long-term business that delivers stakeholder value through developing the Reward and Bullfrog gold projects and pursuing accretive M&A opportunities. Both projects are situated in a well-known mining district where other operators have been active in exploration, development and asset consolidation.

Reward Project

Augusta Gold reports that its 100% owned Reward Project is a fully permitted, construction-ready gold project in Nye County, Nevada. A feasibility study for Reward outlines a conventional open pit, heap leach operation. The study describes Proven and Probable Mineral Reserves of 370,000 ounces of gold at an average grade of 0.025 oz/ton (0.86 g/t), with a planned life-of-mine strip ratio of 2.37:1. Planned processing is 5,479 tons per day with average annual gold production of approximately 39,000 ounces over the mine life and a peak of about 47,000 ounces.

Ore at Reward is planned to be crushed to P80 1/4 inch and placed on a leach pad using conveyors and radial stackers, with the initial lift agglomerated to support pad stability and long-term permeability. Metallurgical testing by McClelland Laboratories, as cited by Augusta Gold, indicated gold recoveries of approximately 81%, with 79% used in the feasibility study after applying an allowance for potential operational losses. Contract mining is planned to reduce pre-production capital requirements.

The feasibility study summary discloses a mine life of about 7.6 years, along with estimates for contained ounces, recovered ounces, and life-of-mine operating and capital costs. Augusta Gold notes that all Mineral Reserve estimates for Reward were prepared in accordance with National Instrument 43-101 and Item 1300 of Regulation S-K, and that a technical report with detailed assumptions and qualifications supports the study.

Permitting and Regulatory Status at Reward

Augusta Gold states that the Reward Project has all principal permits and authorizations required to commence ground clearing and construction. These include a Mine Plan of Operations authorized by the U.S. Bureau of Land Management, a Water Pollution Control Permit and Mine Reclamation Permit issued by the Nevada Division of Environmental Protection, water appropriation permits from the Nevada Division of Water Resources, a Biological Opinion from the U.S. Fish and Wildlife Service, and a Class II Air Quality Permit from the Nevada Bureau of Air Pollution Control. Together, these approvals position Reward as a construction-ready project under the company’s disclosures.

Bullfrog Project

In addition to Reward, Augusta Gold highlights its Bullfrog Project, located about seven miles northwest of Reward across the valley in the same district. Company disclosures report Measured and Indicated Mineral Resources at Bullfrog of 1,209,290 ounces of gold at an average grade of 0.53 g/t and Inferred Mineral Resources of 257,900 ounces of gold at an average grade of 0.48 g/t. The project also contains silver resources, with Measured and Indicated silver of 2,866.62 thousand ounces at an average grade of 1.26 g/t and Inferred silver of 515.72 thousand ounces at an average grade of 0.96 g/t.

The resource estimates for Bullfrog, as described by Augusta Gold, are reported within pit shells generated using the Lerch-Grossman algorithm and commodity price and recovery assumptions for both oxide and sulphide material. The company notes that no sulphide material was reported for certain areas of the project and that mining, processing, general and administrative, and refining cost assumptions were applied in the resource modeling.

Augusta Gold has stated that significant synergies from the Reward Project are expected to be realized for the larger Bullfrog Project due to their proximity within the same district. The company has also indicated that the completion of the Reward feasibility study and the receipt of all required permits to commence construction position Augusta Gold to become, based on its own assessment, the first modern gold producer in the Beatty district.

Financing and Strategic Review

To support project development, Augusta Gold has engaged in various financing activities. The company has reported a loan with Augusta Investments Inc., which has been amended and extended multiple times, including extensions of the maturity date and additional loan amounts. It has also disclosed a separate loan from an individual lender that was extended to a later maturity date.

In June 2025, Augusta Gold announced that the Export-Import Bank of the United States issued a non-binding Letter of Interest indicating preliminary support for up to US$50 million in financing under EXIM’s "Make More in America" initiative for the Reward Project. The letter outlines potential terms for a direct loan with a possible multi-year repayment period, subject to further due diligence and underwriting. Augusta Gold characterizes this as an indication of EXIM’s interest rather than a binding commitment.

In connection with the Reward feasibility study, Augusta Gold initiated a strategic review process to evaluate alternatives to maximize shareholder return. The company has stated that potential outcomes under consideration included a joint venture, a sale of the company or its assets, a merger or other business combination, or other forms of strategic transactions. At the time of those announcements, Augusta Gold emphasized that no decisions had been made and that there was no assurance the process would result in any transaction.

Acquisition by AngloGold Ashanti and Trading Status

Augusta Gold later entered into a definitive merger agreement with AngloGold Ashanti plc and certain of its affiliates. Under that agreement, AngloGold Ashanti agreed to acquire all issued and outstanding Augusta Gold common shares for C$1.70 per share in cash. Company disclosures state that the transaction implied an enterprise value of approximately C$197 million, including equity value and repayment of certain stockholder loans.

At a special meeting of stockholders, Augusta Gold reported that stockholders approved the merger resolution by the required majorities, including a separate disinterested stockholder approval in accordance with Canadian securities rules. Following stockholder approval and satisfaction of closing conditions, Augusta Gold, AngloGold Ashanti (U.S.A.) Holdings Inc. and a merger subsidiary consummated the merger at 12:01 a.m. Pacific Time on October 23, 2025. Augusta Gold survived the merger as a wholly owned subsidiary of the AngloGold Ashanti affiliate and became an indirect wholly owned subsidiary of AngloGold Ashanti plc.

At the effective time of the merger, each outstanding Augusta Gold common share was automatically converted into the right to receive C$1.70 in cash, subject to applicable withholding taxes. The company also describes how outstanding stock options and certain warrants were treated in connection with the transaction, including cash settlement or cancellation in accordance with their terms.

In connection with the completion of the merger, Augusta Gold notified the Toronto Stock Exchange and the OTCQB of the transaction and requested that its common shares be delisted or cease quotation. Company filings state that the Augusta Gold shares were expected to be delisted from the TSX at 4:00 p.m. Eastern Time on October 24, 2025 and to cease quotation on the OTCQB. Augusta Gold has applied to cease to be a reporting issuer in Canada and has filed, or indicated its intention to file, a Form 15 with the U.S. Securities and Exchange Commission to terminate the registration of its common shares and suspend its reporting obligations under the U.S. Exchange Act.

As a result of these steps, Augusta Gold’s common stock is no longer publicly traded, and its ongoing reporting obligations in both Canada and the United States are being terminated or suspended in accordance with regulatory processes. The historical AUGG ticker now primarily represents the company’s period as a public issuer prior to its acquisition by AngloGold Ashanti.

Corporate Governance Changes

Following completion of the merger, Augusta Gold reported that all of its then-serving directors and executive officers resigned effective at the merger time. New directors and officers associated with AngloGold Ashanti were appointed, and Augusta Gold’s Articles of Incorporation and Bylaws were amended and restated as part of the transaction, reflecting its status as a private, wholly owned subsidiary.

Position in the Nevada Gold District

Throughout its public reporting period, Augusta Gold emphasized the location of its Reward and Bullfrog projects in the Bullfrog mining district near Beatty, Nevada. Company news releases note that other operators, including AngloGold Ashanti, have invested in acquisitions and development in the same district and that AngloGold Ashanti has stated an intention to develop the area into a new gold production center. Augusta Gold’s feasibility work at Reward and resource estimates at Bullfrog formed the core of its exploration and development profile before the acquisition.

FAQs