Monday, April 17, 2023
Mark Reichman, Senior Vice President – 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 relatively unexplored extension of a rich mineral belt that is 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, sedimentary-hosted copper-silver, and carbonate-replacement silver-zinc-lead-barite.
Private placement financing. In March, Aurania closed the first tranche of its private placement of up to 10,869,565 units for gross proceeds of up to C$5,000,000 with the right to increase the size of the initial offering by up to 25%. A total of 7,801,145 units were sold in the first tranche at a price of C$0.46 per unit for gross proceeds of C$3,588,526.70. Proceeds funded annual concession fees to renew the Lost Cities project mineral concessions. We expect Aurania to close the second and final tranche shortly.
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