ARU:TSX.V; AUIAF:OTCQB

Aurania Resources Ltd.

Aurania is a mineral exploration company focused on gold and copper deposits in South America. The company's flagship asset, the Lost Cities – Cutucu Project, is in southeastern Ecuador. Multiple targets have been identified to date and include epithermal gold-silver, sedimentary hosted copper, porphyries and silver-zinc-lead mantos.

ARU:TSX.V AUIAF:OTCQB

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Expert Comments:

Mark Reichman, Noble Capital Markets

(3/2/21)

"Platforms are being prepared for drilling of the Yawi, now called Kuri-Yawi, epithermal gold-silver and copper porphyry targets at Aurania Resources Ltd.'s Lost Cities–Cutucu. Drilling will test an epithermal target and a deeper porphyry target down to 800m. . .drill platforms are being sited in a 4 km segment of the 15 km long Tiria-Shimpia silver-zinc target area."

Junior Explorer Granted Its First Concessions in Northern Peru
(2/18/21)

Aurania Resources also obtains previously generated seismic data of the area covered by its new concessions.

Mark Reichman, Noble Capital Markets

(2/18/21)

"Aurania Resources Ltd. announced that the first six mineral concessions have been granted for the 393 applications covering approximately 384,000 ha in northern Peru which constitute the company's Vicus project. It is thought that the Vicus project area may encompass portions of the mineral belt that extends from Ecuador into Peru."

Explorer Begins Drilling at Copper-Silver Target in Ecuador
(2/16/21)

Aurania Resources reported that it has commenced scout drilling at the Tsenken N1 target at its Lost Cities-Cutucu Project in southeastern Ecuador.

Mineral Explorer Selects Silver-Gold Drill Targets at Ecuador Property
(2/9/21)

Aurania Resources intends to drill test two outcrops on the northwestern margin of the Tiria-Shimpia target at Lost Cities–Cutucu.

Mark Reichman, Noble Capital Markets

(2/9/21)

"Aurania Resources Ltd. has selected initial drill sites to test high-grade silver zones at the Tiria-Shimpia epithermal silver-gold target at Lost Cities–Cutucu. . .exploration work along a 15 km trend and geological mapping suggest the mineralization is not a vein system but is following fault zones and sedimentary layers of the host rock across trend for up to 3 km."

Mark Reichman, Noble Capital Markets

(1/27/21)

"Aurania Resources Ltd.'s ongoing mobile magnetotelluric geophysical survey clearly defined a feature that appears to be the sulphide-bearing core of a porphyry at the Yawi target. The company intends to secure a second drill to test this now more clearly defined target."

MMT Survey Helps Explorer Identify New Large Target at Ecuador Property
(1/26/21)

Aurania Resources reported that data from an ongoing Mobile MT Survey identified an extensive target at Tsenken at its Lost Cities - Cutucu Project in southeastern Ecuador.

Mark Reichman, Noble Capital Markets

(1/25/21)

"Importantly, data from the mobile magnetotelluric (MMT) geophysical survey have identified the likely core of the iron oxide copper-gold system associated with the area of drilling at Aurania Resources Ltd.'s Tsenken N2 and N3. . .an MMT geophysical survey has been completed over the Yawi and Tsenken areas and is underway in the northern part of the Tiria-Shimpia target areas."

Jay Taylor, Hotline

(12/18/20)

"Aurania Resources Ltd. noted evidence of ancient roads and peculiar landforms that may be old prospecting or mine sites in the vicinity of the Tiria-Shimpia silver-zinc-lead target area at the company's Lost Cities–Cutucu project. Tiria-Shimpia is developing into one of the larger mineralized areas so far identified in exploration of the project."

Mining Firm Offers Evidence of Ancient Infrastructure at Ecuador Property

(12/16/20)

Aurania Resources hypothesizes that the Colonial Spanish explored for and maybe even mined silver in the area of Lost Cities–Cutucu's Tiria-Shimpia target.

Explorer to Begin Geophysical Survey of Ecuador Property This Week

(12/9/20)

Aurania Resources aims to identify the sulphide-bearing core of iron oxide copper-gold targets at Lost Cities–Cutucu.

Explorer Drills Two Targets at Ecuador Project, Closes Financing

(11/28/20)

Aurania Resources' recent exploration efforts and public offering are analyzed in a Noble Capital Markets report.

The Quest for 'Lost Cities' Is Yielding Mineral Riches

(11/19/20)

Aurania Resources' large land package in Ecuador has never been explored with modern methods.

Drilling Indicates Type of Mineralized System at Ecuador Project Target

(11/5/20)

The mineralization alteration intersected at Aurania Resources' Tsenken N2 suggests an iron oxide copper-gold system.

Explorer Confirms Mineralization Extensions at Ecuador Project

(9/28/20)

Aurania Resources reported that Tiria-Shimpia is becoming another compelling target at Lost Cities–Cutucu.

Precious Metals Explorer Begins Drilling at Ecuadoran Copper-Silver Property

(9/15/20)

Aurania Resources reported it has commenced drilling operations at its Lost Cities – Cutucu Project located in southeastern Ecuador.

More Expert Comments

	Mark Reichman, Noble Capital Markets (12/11/20) "A heliborne geophysical survey will commence this week at Aurania Resources Ltd.'s Lost Cities–Cutucu project and continue through mid-January, which will help detect the sulphide core of the iron oxide copper-gold (IOCG) system and provide information about other targets as well, including Tiria-Shimpia. . .Tsenken N1 is the next target to be drill tested at the project and represents the second IOCG system to be scout drilled."

Mark Reichman, Noble Capital Markets (11/27/20) "Aurania Resources Ltd.'s management believes it has found the edge of an iron oxide copper-gold system in the Tsenken target area, with each successive hole drilled moving toward the core of the system. . .a sixth hole has been collared where the system appears to be strengthening toward the northwest. After Tsenken N3, the drill rig will likely move to the Tsenken N1 target."

	Jay Taylor, Hotline (11/20/20) "Aurania Resources Ltd. has extended its Tsenken N2 iron oxide copper-gold (IOCG) system with holes TS001, 002 and 003. Assays from holes TS001-003 are awaited to determine whether there is gold in the system. . .management reports that the Tsenken N2 and N3 targets 'form part of a single, large IOCG target that is over 20 sq km in extent.'"

	Mark Reichman, Noble Capital Markets (11/5/20) "Drilling commenced on Aurania Resources Ltd.'s Tsenken N2 copper-silver target in September using a portable rig to test both porphyry copper targets as well as sedimentary hosted copper-silver deposits. . .while management initially contemplated Tsenken N2 as a porphyry target, drilling intersected a mineral alteration zone typical of an iron oxide copper-gold system."

Mark Reichman, Noble Capital Markets (9/28/20) "Aurania Resources Ltd.'s Tiria-Shimpia is a high-priority epithermal target; soil sampling has defined four main zones of silver that total 15 km in length. Soil sampling at Tiria-Shimpia defined a large mineralized system that covers a 75 sq km area on the margin of a large magnetic feature that is interpreted to be a porphyry cluster. . .targets for scout drilling will be refined based on additional fieldwork and grid soil sampling."

Mark Reichman, Noble Capital Markets (8/24/20) "Aurania Resources Ltd.'s exploration program has affirmed the rich mineral potential of the Lost Cities project and yielded drilling targets for a variety of metals. With the success of its copper exploration program, we think the upcoming scout drilling program at Tsenken could further attract interest from majors interested in the project's copper potential."

Mark Reichman, Noble Capital Markets (8/7/20) "Aurania Resources Ltd.'s additional sampling of boulders and outcrop at the Kirus target, located roughly 6 km south of Tsenken, revealed sediment-hosted copper and silver in an area measuring 8 km by 3 km with grades of up to 6.1% copper and 51 g/t of silver. This more than doubles the area over which high-grade copper and silver have been found and, akin to Tsenken, may result in the identification of multiple sediment-hosted copper and silver and porphyry copper targets for future drill testing."

	Jay Taylor, Hotline (7/31/20) "Aurania Resources Ltd. identified copper and gold targets in the Tsenken area of its Lost Cities project in southeastern Ecuador. A lightweight drill rig is on its way to the property and will be deployed for scout drilling on the Tsenken N2 and N3 targets in the coming weeks."

	Mark Reichman, Noble Capital Markets (7/31/20) "During the last several weeks Aurania Resources Ltd. has confirmed copper and silver in breccia, sediment-hosted deposits as well as the potential for copper porphyry-style deposits. While the company is a gold-focused explorer, the success of its copper exploration program may be an element of the story that investors underappreciate and could be an important source of value for shareholders."

Jay Taylor, Hotline (7/24/20) "Grades of up to 10% copper with 131 g/t silver have been found in a breccia in Aurania Resources Ltd.'s Tsenken A target area of its Lost Cities–Cutucu project. . .these latest results provide key information about sediment-hosted copper-silver at the Tsenken A target."

	Mark Reichman, Noble Capital Markets (7/17/20) "Aurania Resources Ltd. reported that grades of up to 7% copper with 55 g/t silver have been discovered in a large breccia body at the Tsenken N1 target. Drilling is expected to commence at the Tsenken N2 and N3 targets prior to Q3/20E, and the N1 target will be drilled immediately thereafter."

Mark Reichman, Noble Capital Markets (6/12/20) "Aurania Resources Ltd.'s exploration program has already revealed the rich mineral potential of the Lost Cities project and yielded ample drilling targets. With teams returning to the field, we believe the company is well positioned to accelerate its efforts."

Mark Reichman, Noble Capital Markets (5/12/20) "Images from a recent LiDAR survey of Lost Cities–Cutucu revealed a potential historic road that is up to 60m wide in the central part of the project and is thought to have been constructed during the Colonial Spanish period. . .LiDAR imagery also identified a vein system that coincides with areas containing silver in soil samples from the Tiria South epithermal gold and silver target."

Mark Reichman, Noble Capital Markets (4/13/20) "On March 18, Aurania Resources Ltd. suspended field operations in Ecuador and withdrew its personnel from the Cordillera de Cutucu following measures by the Ecuadorian government to reduce the spread of new COVID-19 infections. Management has shifted its focus to working through its field data backlog, planning ground surveys at Crunchy Hill and Yawi, refining the drilling plan for epithermal gold and silver targets and refining sediment-hosted copper-silver targets in both Ecuador and Peru."

	Chris Temple, The National Investor (3/1/20) "The exploration company, Aurania Resources Ltd., has amassed a substantial land package in the same part of the country as Fruta Del Norte is located and in an area where it is believed that the Spanish once mined for gold and other metals in the most easily accessible high-grade zones they could find several centuries ago. . .the company's people are focused and experienced, and Aurania is well funded."

	Mark Reichman, Noble Capital Markets (1/31/20) "Aurania recently applied for mineral concessions in northern Peru; the applications are associated with the company's nonrefundable but transferable advance of CA$2.4M to acquire additional mineral property interests disclosed in Q3/19 financial reports. . .management anticipates that it could take six months or longer for the concessions to be granted."

Mark Reichman, Noble Capital Markets (12/27/19) "Twenty epithermal targets have been identified at Aurania Resources Ltd.'s Lost Cities–Cutucu; these include four areas at Yawi and six other targets that are being prepared for drilling. . .following drilling at Crunchy Hill, the company commenced drilling at Yawi in late October."

	Thibaut Lepouttre, Caesars Report (12/21/19) "Aurania Resources Ltd. is a company that makes the hearts of scavenger hunters beat a little bit faster whenever the name pops up as it is applying an original exploration theory to find the so-called Lost Cities. And although Aurania's home page clearly states, 'This is not a treasure hunt,' we beg to differ as the concept is pretty much literally a treasure hunt, using historical data to try to pinpoint the location of a supposedly rich gold system mined by the Spaniards."

	Bob Moriarty, 321 Gold (12/20/19) "Aurania Resources Ltd. has 2M warrants at $3 due to expire on Dec. 29. . .in anticipation, shareholders have dropped the price of shares from $4.50 on Dec. 4 to $3.40 on Friday, Dec. 20. . .I would not be surprised to see the company go right back up to where it was in early December before the artificial supply began to hit the market."

	Mark Reichman, Noble Capital Markets (12/2/19) "A LiDAR survey will be expedited over Aurania Resources Ltd.'s Lost Cities–Cutucu project area, which should be able to detect extensions to the road and its termination at the historical mine sites; findings will be incorporated into Metron's data analytics process to estimate the road's route. Exploration will continue over strong indications of a mineralized system near the road."

Mark Reichman, Noble Capital Markets (11/22/19) "Aurania Resources Ltd.'s heliborne geophysics program has been completed on the entire project area. The company's stream sediment sampling program, which has been completed on over 50% of the Lost Cities project, has identified a total of 20 epithermal targets for gold and silver."

Mark Reichman, Noble Capital Markets (10/23/19) "Scout drilling at Aurania Resources Ltd.'s Yawi is expected to begin this week; the current plan is to drill three to four holes between 350m and 500m in length on each of the four targets at Yawi. Drilling is expected to take between seven and 10 days at each target before moving the drill rig between targets, which takes about one to three days."

Mark Reichman, Noble Capital Markets (9/23/19) "Aurania Resources Ltd. announced the closure of its private placement and receipt of CA$4,460,062 in gross proceeds. The funds will be used to advance work at the Lost Cities project, including analysis of data sets, initial drilling of gold targets, advancing copper targets, and to fund general working capital needs."

Experts Following This Company

	Bob Moriarty, Author – 321 Energy
	Mark Reichman, Managing Director, Senior Analyst - MLP – Noble Capital Markets
	Jay Taylor, Author – Gold, Energy & Tech Stocks

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.

Investing Highlights

	Large, highly prospective property in Ecuador; never been explored
	Team has track record of world class gold and copper discoveries in Ecuador, along strike.
	Multiple targets for gold and copper confirmed to date

catalyst Calendar

Q3 2020	Refine “Tiria” gold-silver targets in Q3 in preparation for drilling
Q3 2020	Prep “Tsenken” copper-silver targets; drilling expected to start in Q3
Q4 2020	Continue sampling at copper-gold targets; conduct heliborne geophysics in Q4