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TICKERS: ARU; AUIAF

Outperform-Rated Explorer Has 'Potential to Make Multiple Discoveries'
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Noble Capital Markets noted in a research update that "Aurania Resources' exploration program has yielded a plethora of drilling targets for a variety of metals and the potential to make multiple discoveries in its large concession package."

In an April 12 research note, Noble Capital Markets Inc. senior research analyst Mark Reichman stated that junior mining exploration company Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) is fully funded for the remainder of 2021 after recently completing two separate financings.

The analyst advised that Aurania Resources raised gross proceeds of CA$7,771,700 from a brokered equity issuance of 2,507,000 common shares along with additional gross proceeds of CA$1,250,000 from a private placement. Noble Capital Markets estimated that following the close of these transactions Aurania had a total of 46,843,388 shares outstanding.

The report noted that Aurania Resources is focused primarily on identifying, evaluating acquiring and exploring precious metals and copper property interests. The firm's flagship asset is The Lost Cities - Cutucu Project in Ecuador, which is composed of 42 mineral exploration concessions covering around 2,080 square kilometers.

The analyst noted that diamond drilling work is currently being conducted at the Kuri-Yawi target with the objective of testing an epithermal target and a deeper porphyry target down to depths of as much as 1,000 meters. "Porphyry deposits, while low in grade, are the largest source of copper ore and can be important sources of gold," the analyst added.

So far, the company has drilled three targets and is presently working on the Tsenken N1 copper-silver target and the Kuri-Yawi epithermal gold-silver and copper porphyry target. The company's next plans are to carryout drill work at the Tsenken West copper-silver and Tiria-Shimpia silver-zinc targets. "We think the company could deploy an additional drill to accelerate progress," the analyst wrote.

Reichman commented, "Aurania's exploration program has yielded a plethora of drilling targets for a variety of metals and the potential to make multiple discoveries in its large concession package."

"In our view, the company has reached a stage where the outcomes of its efforts may start to become more readily apparent to the market," Reichman added.

Noble Capital Markets currently has an "Outperform" rating for Aurania Resources with a target price of US$3.50/share. The company's shares trade under the ticker symbol AUIAF on the US-OTCB market and is trading at around US$2.07/share.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Aurania Resources. Click here for important disclosures about sponsor fees.
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Disclosures for Noble Capital Markets, Aurania Resources, April 12, 2021
Company Specific Disclosures
The following disclosures relate to relationships between Noble and the company (the "Company") covered by the Noble Research Division and referred to in this research report.
The Company in this report is a participant in the Company Sponsored Research Program ("CSRP"); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report.
Noble has arranged non-deal roadshow(s) with investors in the last 12 months. The Company has attended Noble investor conference(s) in the last 12 months.
Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months.
Noble is not a market maker in the Company.

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ 'Best on the Street' Analyst and Forbes/StarMine's "Best Brokerage Analyst." FINRA licenses 7, 24, 63, 87.




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