Thursday, June 01, 2023
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
The Lost Cities project. Aurania’s Lost Cities project is in the Cordillera de Cutucu range of Ecuador which represents the underexplored extension of a rich mineral belt believed to run through the Cordillera del Condor range to the south; an area that has been more widely explored and the source of several major gold and copper discoveries. The project is comprised of 42 mineral exploration concessions encompassing 207,764 hectares in southeastern Ecuador and would be difficult to replicate. To date, Aurania’s exploration and drilling activities have underscored its rich mineral potential for epithermal gold-silver, copper porphyries, sediment-hosted copper-silver, and carbonate-replacement silver-zinc-lead-barite mineralization.
Private placement financing closed. Aurania recently closed the third and final tranche of a non-brokered private placement. In the third tranche, the company sold 224,703 units at a price of C$0.46 per unit for gross proceeds of C$103,363.52. An aggregate of 9,253,811 units were sold during the private placement financing for total gross proceeds of C$4,256,753.20.
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