Monday, August 28, 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.
Concessions are in good standing. In March, Aurania paid its annual concession fee in the amount of US$2,337,345 (C$3,165,349) to maintain its 207,764-hectare land package in Ecuador and has retained its interest in 94 concessions covering 93,300 hectares in Peru. On July 31 and during the first week of August, Dr. Keith Barron, Aurania’s CEO, met with Ecuador’s Minister of Energy and Mines and other government officials to discuss, among other things, options to recover concessions for which Aurania applied in 2016 and were initially held in reserve for Aurania by the government but subsequently not granted. Dr. Barron expects to return to Ecuador in September to resume discussions.
Pursuing an exploration license in France. In parallel with its activities in Ecuador, Aurania has applied for a 51 square kilometer exploration permit in the Brittany Peninsula of northwestern France. The Brittany Peninsula is part of the orogenic Variscan belt. The concession area, situated within the Morbihan Department, has historically been the site of significant high-grade gold finds. Aurania’s geologists visited the area and found numerous blocks of quartz and evidence of past mining activity.
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