Austin Resources Ltd. — Delisting Announcement 2020

Feb 27, 2020

AUSTIN RESOURCES COMPLETES SALE OF MINERAL PROPERTIES TO TRIBECA RESOURCES

TORONTO, ONTARIO (February 27, 2020) Austin Resources Ltd. (“Austin” or the “Company”) (TSX Venture Exchange – AUT) announces that it has received the approval of its shareholders and the TSX Venture Exchange (the “ Exchange ”) for its previously announced transfer of all of its interests in the mineral exploration properties in Chile held by Minera Azul Ventures Limitada (“Minera Azul”), the Company’s wholly owned Chilean subsidiary (see press release dated February 4, 2020).

As the transaction involved the disposition of more than 50% of the Company’s business, the Exchange required the Company to obtain approval from disinterested shareholders holding more than 50% of the Company’s issued and outstanding common shares (which was accomplished by the Company receiving written consent for the transaction from disinterested shareholders holding in excess of 50% of the Company’s issued and outstanding common shares).

As a result of the completion of the agreement with Bluerock, Minera Azul will no longer have any assets and the Company intends to wind-up operations in Chile and dispose of its interest in Minera Azul.

Additionally, the Company has been advised by the Exchange that, with the closing of the transfer of all of its interests in the mineral exploration properties in Chile, the Company has ceased to have active operations, no longer meets the continued listing requirements of the Exchange and will be transferred to the NEX. As a result of such transfer to the NEX, the Company’s trading symbol with change from AUT to AUT.H once the Exchange issues the final bulletin in connection with this transaction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Austin Resources Ltd. Jing Peng Chief Financial Officer Telephone: 416-848-9888 Email: info@austinresources.ca Website: www.austinresources.ca