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.
Exploration at Kuri-Yawi. Aurania is preparing for an induced polarization (IP) geophysical survey of the Kuri-Yawi gold target in Ecuador. The vendor has been selected and the survey is expected to begin in the second half of October. The survey is expected to take approximately one month to complete after which management will review the data to identify targets for a drilling program that we think could commence in the first quarter of 2025. We also believe fieldwork has continued at Crunchy Hill during the quarter.
Anaconda mapping program. Anaconda mapping of the southern and northern parts of Aurania’s Awacha porphyry copper target in Ecuador has been completed. Aurania’s team of geologists is now interpreting the data to define targets for future drilling programs. During the field program, new intrusive outcrops with typical porphyry alteration were discovered.
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Toronto, Ontario, September 23, 2024 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) announces that Palamina Corp. (TSXV: PA, OTCQB: PLMNF) has completed the acquisition of 100% of the shares of Aurania’s Peruvian Subsidiary, Sociedad Minera Vicus Exploraciones S.A.C. (“Vicus”), as anticipated in the press release dated June 10, 2024.
Aurania received 350,000 common shares of Palamina Corp. and was granted a 1% Net Smelter Return (“NSR”) royalty as full payment for the purchase of Vicus. Palamina has the option to buy back half of the NSR for $1,000,000 at any time.
Palamina’s Pluma copper silver project is the only asset held in Vicus. It covers 9,800 hectares in northeastern Peru and Palamina S.A.C. intends to transfer its Sora, Volcano and Galena copper silver projects into Vicus.
About Palamina Corp.
Palamina is an exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an “acquire and hold” strategy with copper silver assets in southeastern and northeastern Peru. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (WINS:TSX.V) and a 2% NSR royalty on all their projects. Winshear plans to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Carolyn MuirVP Corporate Development & Investor RelationsAurania Resources Ltd.(416) 367-3200carolyn.muir@aurania.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about the share purchase agreement with Palamina Corp., the completion of the sale and purchase, and any expectations related to the development of Aurania’s properties and Aurania’s mining operations. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption thatthere will be no material adverse change in copper and precious metal prices, and that all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, any failures to obtain or delays in obtaining required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, and a failure to comply with environmental regulations. Aurania cautions the reader that the above list of risk factors is not exhaustive.
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.
Key priorities for 2024 and 2025. Aurania appears to be making significant progress on key 2024 and 2025 priorities that were highlighted by Dr. Keith Barron, CEO and Director, during the company’s annual general meeting in June. These include: 1) exploration at the Lost Cities project in Ecuador, 2) advancing the company’s application for an exploration license in the Brittany Peninsula of northwestern France, 3) advancing joint venture and strategic partnership discussions, and 4) expanding community access agreements and community projects in Ecuador.
Exploration program. While Aurania’s exploration program is flexible, the company intends to complete an induced polarization (IP) geophysical survey this year at the Kuri-Yawi epithermal gold target followed by a drill program that will likely commence in the first quarter of 2025. An Anaconda mapping program has been completed in the southern part of Aurania’s Awacha porphyry copper target area and exploration teams are wrapping up a mapping program in the northern portion of the property with the goal of preparing it for drilling in the future. Fieldwork is also expected to continue at Crunchy Hill during the third quarter.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Kuri-Yawi epithermal gold target. Aurania’s 2024 exploration program will focus on the Kuri-Yawi epithermal gold target, including an induced polarization (IP) geophysical survey and drilling three drill holes later in the year totaling approximately 1,800 meters of drilling.
Awacha porphyry copper target. An Anaconda mapping program has been completed in the southern part of Aurania’s Awacha porphyry copper target area and exploration teams continue to map the remaining area. Having signed an agreement with the indigenous community that allows full access, the northern portion of the Awacha copper porphyry target will be mapped with the goal of preparing it for drilling in the future.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Annual shareholder meeting. Shareholders approved all resolutions at the company’s annual meeting on June 13. These included approving the financial statements for the year-ended December 31, 2023, the report of the auditors, the appointment of auditors, election of directors, and the company’s incentive stock option plan for the upcoming year.
Corporate update. Dr. Keith Barron, CEO and Director, provided a corporate update highlighting key priorities in 2024 and 2025. These include: 1) exploration at the Lost Cities project in Ecuador, 2) advancing the company’s application for an exploration license in the Brittany Peninsula of northwestern France, 3) advancing joint venture and strategic partnership discussions, and 4) expanding community access agreements and community projects in Ecuador. At least one major mining company has been active in Aurania’s data room and in discussions with the company.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) announces that it has signed a share purchase agreement (the “Agreement”) with Palamina Corp. (“Palamina”) whereby Aurania has agreed to sell to Palamina 100% of the shares of Aurania’s Peruvian wholly-owned subsidiary, Sociedad Minera Vicus Exploraciones S.A.C. (“Vicus”). Under the Agreement, Aurania will receive 350,000 common shares of Palamina and a 1% Net Smelter Return (“NSR”) royalty over certain mining claims located in Peru which are held by Vicus. Palamina has the option to buy back half of the NSR for $1,000,000 at any time.
President and CEO, Dr. Keith Barron commented, “We are very pleased to reach this agreement with Palamina because of their plans to bring value to the project in Peru. Aurania will keep an interest through the NSR, and our focus will continue to be on advancing activities in Ecuador and France.”
About Palamina Corp.
Palamina is a gold exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in south-eastern Peru. Palamina is set to commence a drill program at its Usicayos gold project. Palamina holds a 15.4% equity interest in Winshear Gold Corp. are also scheduled to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina also has an “acquire and hold” strategy with copper silver assets in the Santa Lucia district in southeastern Peru and the San Martin district in northeastern Peru. Palamina has 71,634,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
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.
Third and final tranche closed. Aurania closed the third and final tranche of its non-brokered private placement financing. With the third tranche, the company raised gross proceeds of C$724,400.00 with the sale of 3,622,000 units at a price of C$0.20 per unit. In total, the private placement raised gross proceeds of C$3,743,222.40 with the sale of 18,716,112 at a price of C$0.20 per unit. The proceeds will fund exploration and target refinement at the Kuri-Yawi target area in Ecuador, along with general working capital needs.
Exploration plan. Aurania’s 2024 exploration program will focus on the Kuri-Yawi epithermal gold target. In 2020 and 2021, nine scout holes were drilled, totaling 4,957 meters, to test soil geochemistry anomalies and one of the geophysical anomalies detected during a MobileMT survey in 2021. The results revealed intense and pervasive hydrothermal clay mineral alteration and silica-carbonate veinlets exhibiting epithermal textures which are features consistent with proximity to an epithermal system. While Aurania’s property package offers an abundance of promising targets, Kuri-Yawi may offer the quickest path for a successful outcome based on work that has already been completed.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Raising our rating to Outperform. With two tranches of its recently announced equity financing closed, Aurania is well positioned to execute its 2024 exploration program and secure a joint venture or strategic partner to advance its project in Ecuador. To date, Aurania’s exploration and drilling activities have underscored the project’s rich mineral potential for epithermal gold, porphyry copper, sediment-hosted copper-silver and silver-zinc mineralization.
Private placement financing. Aurania Resources closed the first and second tranches of its private placement of up to 20,000,000 units for gross proceeds of up to C$4,000,000. In aggregate, 15,094,112 units were sold at a price of C$0.20 per unit for total gross proceeds of C$3,018,822.40. The company expects to close the third and final tranche soon. The proceeds will fund exploration and target refinement at the Kuri-Yawi target area in Ecuador, along with general working capital needs.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Exploration plan. Aurania’s 2024 exploration program will focus on the Kuri-Yawi epithermal gold target. In 2020 and 2021, nine scout holes were drilled, totaling 4,957 meters, to test soil geochemistry anomalies and one of the geophysical anomalies detected during a MobileMT survey in 2021. The results revealed intense and pervasive hydrothermal clay mineral alteration and silica-carbonate veinlets exhibiting epithermal textures which are features consistent with proximity to an epithermal system.
Private placement financing.Aurania expects to complete a private placement of up to 20 million units at a price of C$0.20 per unit resulting in gross proceeds of up to C$4 million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of C$0.45 per warrant share for a period of 24 months following the closing of the offering. The equity offering, which may close in tranches, is expected to be completed in May and is subject to approval by the TSX Venture Exchange.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Toronto, Ontario, April 12, 2024 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) reports an update regarding a request to enter into an agreement for payment of its annual mineral concession fees in Ecuador as announced on March 27, 2024.
While this process is ongoing, the Company maintains its property in Ecuador in good standing and is able to further its exploration projects, dependent on funding availability. As previously reported, the Company filed the appropriate documentation to renew its 42 mineral exploration concessions in Ecuador prior to the March 31st deadline.
Aurania’s request to enter into an agreement has been accepted and a further meeting is expected to commence in the coming weeks. This process may take a couple of months to complete.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements regarding Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, an inability to settle a schedule for the payment of annual concession fees on terms which are satisfactory or all with the result that the mineral concession renewals may be of no effect and the property interests are jeopardized, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, a failure to comply with environmental regulations, a weakening of market and industry reliance on precious metals and copper and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ (available at www.sedarplus.ca). Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.
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.
Mineral concession renewal. In March, Aurania filed all appropriate documentation for the renewal of its 42 mineral exploration concessions in Ecuador. The company also filed a request with the government to enter into an agreement for payment of the associated annual concession fees. Aurania’s request was accepted, and the concessions remain in good standing while an agreement is reached. Management anticipates the process could take a couple of months to complete.
The plan forward. Maintaining Aurania’s full concession package is a significant step forward because it will allow the company to advance exploration activities dependent on funding availability and provide time to secure a joint venture or strategic partner to advance the project. Aurania’s management attended the Prospectors & Developers Association of Canada Convention in March which provided an opportunity for Aurania’s management to meet with government officials from Ecuador and potential strategic partners. Given the backdrop of strong metals prices and the significant mineral endowment potential offered by Aurania’s property package, we believe it is only a matter of time before the company secures a partner.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Pursuing an exploration license in France. Through a French subsidiary, Aurania earlier this year applied for an exploration license in the Brittany Peninsula of northwestern France which is part of the orogenic Variscan belt. The concession area, in the Morbihan Department, has historically been the site of significant high-grade gold finds. Aurania applied for a 51 square kilometer exploration permit immediately in the vicinity of a major shear zone. The existence of high gold concentrations in quartz veins indicates that a major hydrothermal system was active in the area bounded by Aurania. Once the applications are approved and received, we expect Aurania to publicly disclose more about its plans for the property.
Maximizing the value of projects in Ecuador and Peru. Aurania continues to seek joint venture or partnership agreements to advance its projects in Ecuador and Peru and create value for shareholders. In our view, it would be beneficial to have agreements in place prior to March concession renewals in Ecuador. Without agreements in place, the partnership would likely consider dropping certain concessions. We think Aurania’s interests in Peru could be monetized. Aurania continues to build on its strong social license by engaging with local communities in Ecuador and advancing social programs and initiatives within the Lost Cities project area.
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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.
Presidential election in Ecuador. Mr. Daniel Noboa was elected President of Ecuador following a run-off election held on October 15th. He will be sworn in on November 25th and will govern until the next presidential election in 2025. He is completing the term of the outgoing president, Guillermo Lasso, who dissolved the Congress in May and called for snap Presidential and Legislative elections.
A positive outcome for investors. At 35 years of age, Mr. Noboa will be the youngest president in Ecuador’s history and is the scion of a wealthy Ecuadorian family. He is well-educated with several graduate degrees, including a degree in public administration from Harvard University. He campaigned on strengthening the economy, attracting greater foreign investment, and restoring law and order. As a candidate, Mr. Noboa met with the Ecuador Chamber of Mines and is expected to be supportive of the mining industry given its economic importance.
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