Aurania Provides Update on Activities and Grants Stock Options in Lieu of Fees to Directors

Rhea-AI Summary

Aurania Resources (TSXV: ARU) (OTCQB: AUIAF) provides an update on its activities:

• Preparation for an induced polarization (IP) geophysical survey at the Kuri-Yawi gold target in Ecuador, expected to start in late October
• Completion of the Anaconda mapping program at the Awacha porphyry copper target area, revealing new intrusive outcrops with porphyry alteration
• Opening of a new school near the Awacha target in collaboration with the Step Forward Foundation
• Application for a 51km2 exploration permit in the Brittany Peninsula, France, in an area with historical high-grade gold finds
• Upcoming attendance at the Swiss Mining Institute conference and Deutsche Goldmesse
• Granting of 42,000 stock options to directors in lieu of cash fees for Q3 2024, exercisable at $0.54 for three years

Positive

• Preparation for IP geophysical survey at Kuri-Yawi gold target to identify drill targets
• Completion of Anaconda mapping program at Awacha porphyry copper target, revealing new intrusive outcrops with potential mineralization
• Application for 51km2 exploration permit in France in an area with historical high-grade gold finds
• Participation in upcoming mining conferences for potential investor exposure

Negative

• Granting of stock options to directors in lieu of cash fees may lead to potential dilution for existing shareholders

Toronto, Ontario--(Newsfile Corp. - September 30, 2024) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") provides an update on the Company's activities and announces that its directors received their quarterly director fees in the form of stock options in lieu of cash for the period ended September 30th.

Ecuador
At the Company's Kuri-Yawi gold target, preparation is underway for an induced polarization (IP) geophysical survey. The geophysical company has been selected and the survey is expected to commence in the latter half of October. The survey should take approximately one month to complete after which data review will commence. The purpose of the survey is to identify drill targets at Kuri-Yawi.

The Anaconda mapping program at the Company's Awacha porphyry copper target area is now complete. This was a necessary step to start the interpretation of the data to define the targets for future drill campaigns at Awacha. During this field program, new intrusive outcrops with typical porphyry alteration were found, some of them showing quartz veins with the presence of pyrite, chalcopyrite and covellite. A team of geologists will work on analyzing and interpreting the data from the Anaconda mapping program.

Aurania's Community Social Responsibility (CSR) team continues to work with local communities in Ecuador to advance various social programs and initiatives within the areas of the Company's key targets, strengthening the bonds with the communities. Most recently, our team along with the Step Forward Foundation celebrated the opening of a new school in the community of Chikichikentsa near the Company's Awacha porphyry copper target. Aurania's CEO & President, Dr. Keith Barron was there for the ribbon cutting ceremony. Aurania would like to thank everyone involved in this very important project. See the image below.

Image Description: the official opening of a new school in the community of Chikichikentsa, Ecuador.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/225157_73b3a08404e03a2f_001full.jpg

France
The Company applied for a 51km² exploration permit immediately in the vicinity of a major shear zone called South Armorican Shear (cisaillement sud-armoricain) in the Brittany Peninsula of northwestern France through a wholly owned French subsidiary. The concession area has historically been the site of significant high-grade gold finds. Placer gold in streams is present in the vicinity of the area. Aurania's geologists have visited the area and found numerous blocks of quartz and evidence of past mining activity. The Swiss challenge and the first public consultation phases planned in the permit application process have now been completed. The permit applications are progressing, and further updates will be provided as information becomes available.

Conferences and Events

Swiss Mining Institute (SMI)
Aurania will be attending the Swiss Mining Institute conference taking place at the Dolder Grand in Zurich, Switzerland on November 20 and 21^st. https://swissmininginstitute.ch/

Deutsche Goldmesse (German Gold Show)
Aurania will be attending Deutsche Goldmesse on Friday, November 22^nd at the Westin Grand in Frankfurt, Germany. Dr. Keith Barron will be presenting at this event. https://deutschegoldmesse.online/

Director Options in Lieu of Fees
Directors (the "Optionees") of the Company have agreed to receive their quarterly director fees for 2024 in the form of stock options in lieu of cash. On September 30, 2024, each director was granted 10,500 stock options at an exercise price of $0.54. An aggregate of 42,000 stock options were granted to directors in lieu of their director fees for the third financial quarter of 2024.

All such options will be exercisable for a period of three years from the date of grant and vested immediately upon grant. In the event an Optionee intends to exercise such Options, such Optionee shall be solely responsible for paying the entirety of the exercise price.

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

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.

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the Company's teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and copper; and those risks set out in the Company's public documents filed on SEDAR. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225157

FAQ

What is the purpose of the IP geophysical survey at Aurania's Kuri-Yawi gold target?

The purpose of the induced polarization (IP) geophysical survey at Aurania's Kuri-Yawi gold target is to identify drill targets. The survey is expected to commence in late October and take approximately one month to complete.

What were the findings of the Anaconda mapping program at Aurania's Awacha porphyry copper target?

The Anaconda mapping program at Aurania's Awacha porphyry copper target revealed new intrusive outcrops with typical porphyry alteration. Some outcrops showed quartz veins with the presence of pyrite, chalcopyrite, and covellite, indicating potential mineralization.

Where has Aurania Resources (AUIAF) applied for a new exploration permit?

Aurania Resources (AUIAF) has applied for a 51km2 exploration permit in the Brittany Peninsula of northwestern France, near the South Armorican Shear zone. The area has historically been the site of significant high-grade gold finds.

How many stock options were granted to Aurania's directors in lieu of fees for Q3 2024?

Aurania granted a total of 42,000 stock options to its directors in lieu of cash fees for the third financial quarter of 2024. Each director received 10,500 stock options at an exercise price of $0.54, exercisable for three years.