Gold-Copper Explorer Uncovers High-Grade Gold in Ecuador

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Auro Metals Inc. (AURO:TSXV; AURFF:OTCQB) has reported a fourth group of assay results from four drill holes completed during its 2026 Phase I Drill Program at the 100%-owned Santa Barbara Gold-Copper Project in Ecuador's Zamora-Chinchipe Province, according to an August 18 release.

The company has now finished 22 holes since the program began and has received results from 14 of them, including the 10 holes announced on June 22, July 13, and July 28.

The latest four holes targeted Santa Barbara South, the southern portion of the established porphyry system that Auro currently interprets as its central mineralized area. As with earlier Phase I drilling, the holes were designed to evaluate continuity between historical intersections and investigate extensions of mineralization both up-dip and down-dip as well as at depth. Three of the four holes encountered broad mineralization beginning at surface or close to it.

Hole DSB-61 returned 496.5 meters grading 0.76 grams per tonne (g/t) gold and 0.12% copper from 88.5 meters to 585.0 meters, including a 212.5-meter section grading 1.12 g/t gold and 0.14% copper from 117.0 meters to 329.5 meters. The hole also intersected 10.65 meters grading 0.59 g/t gold and 0.08% copper from 709.95 meters to the end of the hole. DSB-67 encountered 380 meters grading 0.71 g/t gold and 0.10% copper beginning at 76.5 meters immediately beneath overburden conglomerate, while DSB-66 cut 287 meters grading 0.51 g/t gold and 0.08% copper from surface.

Together with earlier results, the new intersections continue to indicate that the mineralized system remains open in multiple directions, including up-dip, down-dip, and at depth, while gold-copper grades have remained consistent across the drilling. Auro has now released assays from 14 holes, with results from another eight holes still outstanding, while all four rigs at the Project remain active.

"These four holes drilled as part of our Phase I Drill Program at Santa Barbara South build on the results from the previous three batches and continue to demonstrate the project's scale, consistency, and potential to improve overall gold grades in a future resource update," said Chief Executive Officer Victor Feng. "DSB-61 intersected 496 meters of continuous, high-grade gold-copper mineralization, with a gold grade approximately 46% higher than the grade of the inferred resource in our Mineral Resource Estimate. Within this intercept, a higher-grade, 212-meter zone returned a gold grade approximately 115% higher than that of the inferred resource and is the highest gold grade intersected by the Company in a reported intercept to date. DSB-67 also intersected a long interval of mineralization, with gold grades exceeding those of the inferred resources in our Mineral Resource Estimate. To date, assay results from 14 holes have been published, with assays for eight additional holes pending, while all four rigs on site continue to turn. We look forward to sharing further assay results as they become available."

Details of Results

Auro's latest drilling at Santa Barbara South continues to define a broad and open gold-copper system, with the four holes testing extensions of previously identified mineralization in different parts of the zone.

Hole DSB-61, drilled about 70 meters west of historical hole DSB-22, reached 720.6 meters and returned 496.5 meters grading 0.76 g/t gold and 0.12% copper from 88.5 meters, including 212.5 meters at 1.12 g/t gold and 0.14% copper. A further 10.65-meter interval near the bottom of the hole graded 0.59 g/t gold and 0.08% copper, with mineralization continuing to the end of drilling. The hole primarily encountered basaltic andesite with narrow diorite dykes, while pyrite and chalcopyrite occurred as disseminations and veinlets alongside potassic alteration and quartz veining.

Hole DSB-65 tested the up-dip continuation of mineralization identified in earlier holes and encountered several lower-grade zones, including 16.5 meters grading 0.30 g/t gold and 0.09% copper, 43.5 meters at 0.31 g/t gold and 0.07% copper, and 50 meters at 0.35 g/t gold and 0.04% copper. The results indicate that mineralization remains open in the up-dip direction to the west. The hole mainly intersected volcanic-sedimentary rocks, with mineralization concentrated in dioritic intrusions and associated with pyrite, lesser chalcopyrite, alteration minerals, and quartz-calcite veining.

At the northern portion of Santa Barbara South, hole DSB-66 tested the up-dip extension and intersected 287 meters grading 0.51 g/t gold and 0.08% copper from surface to 287 meters. The result indicates that mineralization begins at surface and remains open in the up-dip direction. The hole predominantly cut strongly altered dioritic porphyry containing abundant quartz veins and disseminated pyrite and chalcopyrite before transitioning into volcanic-sedimentary rocks with pervasive silicification and weaker mineralization near its end.

Hole DSB-67 was drilled approximately 150 meters west of DSB-56 and targeted both the up-dip extension and continuity between earlier western-dipping holes. It intersected 380 meters grading 0.71 g/t gold and 0.10% copper from 76.5 meters to 456.5 meters. The results indicate that mineralization extends upward to the base of an overlying conglomerate horizon and demonstrate continuity with previous intersections from holes DSB-05, DSB-16, DSB-19, DSB-54, and DSB-56. The hole encountered conglomerate and sandstone near surface before transitioning into altered diorite porphyry, volcanic-sedimentary rocks, and basaltic andesite, with pyrite and chalcopyrite occurring throughout as disseminations and narrow veinlets.

Near-Term Catalysts

According to the release, Auro's Phase 1 drill program at its Santa Barbara Gold-Copper Project in Ecuador remains active, with all four rigs on site continuing to turn and eight additional holes pending assays.

Feng said the company looks "forward to sharing further assay results as they become available."

OTC Listing Upgraded

Auro also received approval to move its U.S. listing from the OTC Pink Market to the OTCQB Venture Market, operated by OTC Markets Group Inc. The OTCQB, launched in 2010, is designed to provide early-stage and developing companies with greater exposure and access to U.S. investors and is recognized by the U.S. Securities and Exchange Commission as an "established public market."

The uplisting became effective July 29, 2026, with Auro continuing to trade in the United States under the ticker AURFF while remaining listed on the TSX Venture Exchange as AURO.

Chen Lin Says It's 'A Good Buying Opportunity'

Chen Lin of What is Chen Buying? What is Chen Selling? commented on Auro Metals on July 28, noting that shares from the company's CA$0.40 financing were becoming freely tradable. He observed that the stock had already come under heavy selling pressure the previous Friday as investors anticipated the end of the trading restriction and suggested that early financing participants could continue taking profits. Lin added that a significant decline could create an attractive entry point.

He wrote: "AURO.v CA$0.40 financing free trading is starting today. Last Friday, its share got hit hard due to traders anticipating the free trading. This week, its shares could get hit due to the early investors taking profits. Personally, I think it could be a good buying opportunity if the shares drop hard."

On July 29, Lin provided a further update, saying the stock had faced substantial pressure after the CA$0.40 financing became freely tradable. He also pointed to Auro's latest strong drilling results and said additional results were expected, while noting that Auro was scheduled to participate on his panel at the MIF in September. Lin wrote: "AURO.v shares were hit hard this week as the CA$0.40 financing started trading. They just announced another round of spectacular drilling results, and we expect more to come. AURO will be presenting on my panel at the MIF in September."

On August 20, Chen noted, "AURO.v released another great drilling result. Note the 212.5 meters of 1.12 g/t gold and 0.14% copper from 117 meters is the highest grade they hit to date. I am pleased to see its share moved up nicely from under CA$1 to the CA$1.2-1.3 area."

Gold, Copper Both on the Rise

Gold and silver have posted strong gains this month, with gold rising 15% and silver advancing 19%, noted an article by Yahoo! Finance Executive Editor Brian Sozzi on August 24. An analysis from Bull Theory estimated that the combined increase has added nearly US$5 trillion to the metals' market value, although both remain below the record levels reached earlier this year.

The rally has been supported by a mix of monetary-policy developments, heightened Middle East tensions, and persistent inflation. A major catalyst came from the U.S. Treasury's decision to unexpectedly double its long-term bond buyback operations to US$4 billion per session, prompting significant short covering and speculative buying across precious-metals markets.

The ongoing conflict involving Iran, which has pushed energy prices higher, has also reinforced gold's appeal as a safe-haven asset. Silver has received additional support from physical-market tightness and rising industrial consumption, particularly from artificial-intelligence data-center construction, electrical-grid upgrades, and advanced electronics. These applications are drawing down available silver supplies faster than global mine output can replenish them.

Truist Chief Investment Officer Keith Lerner recently raised his view on gold to neutral, citing improved market conditions and evidence that supports a less cautious stance.

"Consistent with our philosophy of keeping an open mind and following the weight of the evidence, conditions have improved, leading us to upgrade gold back to neutral," Lerner said. "With gold still about 15% below its recent highs, the evidence now supports a more balanced view."

Copper's roughly 50% gain over the past year increasingly resembles a structural supply squeeze rather than a conventional commodities upswing, as tightening mine output meets growing consumption from electricity networks, artificial intelligence, defense, and energy infrastructure, according to Sprott Asset Management analyst Jacob White, as reported by Cecilia Jamasmie for The Northern Miner on August 24.

Copper has risen from below US$10,000 per tonne to about US$14,545 recently and has continued reaching record levels this month. White said the advance has persisted despite uneven economic signals, with a weaker U.S. dollar, constrained mine supply, and demand from industries less exposed to short-term economic fluctuations providing support. "Copper is breaking away from the traditional industrial cycle," White said.

Chinese consumption signals remain uneven, while elevated prices have weighed on some fabricators, and broader industrial activity has offered little evidence of a conventional cyclical catalyst. Instead, White said demand is increasingly coming from electricity infrastructure, AI data centers, defense applications, and energy projects supported by government initiatives, national-security priorities, and long-term investment, Jamasmie wrote.

Supply pressures are also intensifying throughout the copper market, with mine output underperforming expectations and treatment charges plunging as smelters compete for limited concentrate supplies. Uncertainty surrounding U.S. tariffs has also affected the flow of refined copper.

Copper producers' share prices have begun reflecting the tighter market backdrop. Sprott data showed copper miners gained 0.22% in July before rising 12.96% through August 10, while junior copper producers advanced 15.06%. White said investors may increasingly be focusing beyond short-term copper-price volatility on the potential earnings benefits for miners when elevated metal prices coincide with favorable concentrate-treatment terms, according to the article.

Ownership and Share Information¹

Auro Metals Inc. has a market cap of CA$168.82 million, with 131 million shares outstanding. The company's 52-week range is CA$0.14-CA$2.25.

Management and Insiders own 47.4%, and Strategic Investors own 27.5%. The rest is retail.

Common Investor Questions

What did Auro Metals announce? On August 18, 2026, Auro reported a fourth batch of assay results — four drill holes — from its 2026 Phase I drill program at the 100%-owned Santa Barbara Gold-Copper Project in Ecuador's Zamora-Chinchipe Province.

What was the standout result? Hole DSB-61 returned 496.5 meters grading 0.76 g/t gold and 0.12% copper, including a 212.5-meter zone at 1.12 g/t gold and 0.14% copper. CEO Victor Feng said that the higher-grade zone carries a gold grade roughly 115% above the inferred resource and is the highest gold grade Auro has intersected in a reported intercept to date.

What did the other holes show? DSB-67 cut 380 meters at 0.71 g/t gold and 0.10% copper starting just beneath overburden, and DSB-66 hit 287 meters at 0.51 g/t gold and 0.08% copper from surface. DSB-65 returned several lower-grade intervals but extended mineralization to the west and up-dip. Three of the four holes began at or near surface.

Where is Santa Barbara, and what kind of deposit is it? Santa Barbara is a gold-copper porphyry system in southeastern Ecuador's Zamora-Chinchipe Province. The latest holes targeted Santa Barbara South, which Auro interprets as the central mineralized area, and the system remains open up-dip, down-dip, and at depth.

How much drilling is done, and what's next? Auro has completed 22 holes and released assays from 14, with eight holes still pending. All four rigs remain active, and the company expects to release further results as they become available.

What changed with Auro's U.S. listing? Auro uplisted from the OTC Pink Market to the OTCQB Venture Market, effective July 29, 2026. It trades in the U.S. as AURFF and on the TSX Venture Exchange as AURO.