Austin Gold Corp.

AUSTdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Austin Gold Corp. earns about -20% on invested capital, but has diluted owners by 44% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$401,105¹	−$1.07M²	−$4M³	−$3.08M³	−$1.62M³
Operating cash flow	−$276,699⁴	−$1.79M⁵	−$1.69M⁶	−$2.45M⁶	−$1.48M⁶
Capital expenditure	$586,923⁷	$0⁸	$0⁹	$11,000⁹	$0⁹
Free cash flow (derived)	−$863,622⁴	−$1.79M⁵	−$1.69M⁶	−$2.47M⁶	−$1.48M⁶
Total debt	—	—	—	—	—
Cash & equivalents	$1.09M¹⁰	$630,623¹¹	$907,551¹¹	$381,899¹¹	$573,159¹¹
Diluted shares	9.5M	13.3M	13.3M	13.3M	13.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$6.04

your share of equity

Profit it earned you last year

−$1.18

Free cash flow it threw off

−$1.08

Debt you’d be carrying

—

10 shares is a claim on $6.04 of net worth that earned you −$1.18 and generated −$1.08 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-20% avg · 5y

FY21 -22%FY22 -6%FY23 -30%FY24 -27%FY25 -17%

It earned an average -20% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2021-12-31 · accession 0001104659-24-039706 (ProfitLoss)
20-F · period ending 2022-12-31 · accession 0001410578-25-000509 (ProfitLoss)
20-F · period ending 2023-12-31 · accession 0001104659-26-035225 (ProfitLoss)
20-F · period ending 2021-12-31 · accession 0001104659-24-039706 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001410578-25-000509 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001104659-26-035225 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001104659-24-039706 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2022-12-31 · accession 0001410578-25-000509 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2023-12-31 · accession 0001104659-26-035225 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2021-12-31 · accession 0001410578-25-000509 (CashAndCashEquivalents)
20-F · period ending 2022-12-31 · accession 0001104659-26-035225 (CashAndCashEquivalents)