ARU.V · 2020-03-13 12:00:00

Announces Closing of $ 6 . 47 Million Non - Brokered Private Placement

Financings

TSX

V: ARU

NR 20

AURANIA

ANNOUNCES CLOSING OF

MILLION NON

BROKERED

PRIVATE

PLACEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario,

March

, 2020

–

Aurania Resources Ltd. (TSXV: ARU)

(OTCQB: AUIAF)

rankfurt

: 20Q) (“Aurania” or the “Company”)

is pleased to announce that it has closed the

third and

final

tranche (the “

Third

Tranche

”)

of the

previously announced non

brokered

private placement

units

of the Company (the “

Units

”) at a price of C$3.10 per Unit, for total gross proceeds of

C$6,470,131

(the

“

Offering

”). Each Unit consist

of one common share of the Company (a “

Common Share

”) and

one

half of a Common Share purchase warrant (each whole warrant a “

Warrant

”).

Each whole Warrant entitles

the holder to purchase one Common Share at an exercise price of C$4.25 for a period of 18 months

following closing of the Offering.

The Offering w

as conducted in three tranches

. T

Third

Tranche

consisted of

the sale of

902

Units

for gross proceeds of

C$836,696

Together with the proceeds f

m the sale of

1,817,237

Units

for aggregate

proceeds of

5,633,434.90

pursuant to the first

and the second

tranche of the Offering

the Company has

received

C$6,470,131

total

gross proceeds from the Offering.

Use of Proceeds

The Company intends to use the net proceeds raised from the sale of the Units

to advance exploration in

the Lost Cities

–

Cutucu Project and environs, including

corporate social responsibility work required to

obtain access to concession areas, basic exploration including field work and sampling,

the

completion and

interpretation o

f geophysics surveys to refine specific target areas and to drill gold, silver and copper targets

and for general working capital purposes.

Hold Period

The

Units and

underlying securities are subject to a

customary four months and a day hold period

under

applicable Canadian securities laws

. The

Units

and underlying securities have not been and will not be

registered under the United States Securities Act of 1933, as amended, (the “

U.S. Securities Act

”) or

applicable state securities laws and may not be offered or sold in the United States or to U.S. Persons (as

defined in the U.S. Securities Act) without registration, or exemption from registration, under such laws.

The Offering is subject to the

requisite

approval of the TSX Venture Exchange.

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. Its flagship as

set,

The Lost Cities

–

Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the

Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at

www.aurania.com

and

www.sedar.com

, as

well as on Facebook at

https://www.facebook.com/auranialtd/

, Twitter at

https://twitter.com/auranialtd

and LinkedIn at

https://www.linkedin.com/company/aurania

resources

ltd

For further information, please

contact:

Carolyn Muir

Investor

Relations

Aurania Resources Ltd.

(416) 367

3200

[email protected]

Dr. Richard Spencer

President

Aurania Resources Ltd.

(416) 367

3200

[email protected]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)

accepts responsibility for the adequacy or accuracy of this release.

Forward

Looking Statements

This news release contains forward

looking inform

ation that involves substantial known and unknown risks

and uncertainties, most of which are beyond the control of Aurania. Forward

looking statements include

estimates and statements that describe Aurania’s future plans, objectives or goals, including wor

ds to the

effect that Aurania or its management expects a stated condition or result to occur. Forward

looking

statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”,

“could”, “would”, “will”, or “plan”. Sinc

e forward

looking statements are based on assumptions and

address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Although these statements are based on information currently available to Aurania, Aurania p

rovides no

assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors

involved with forward

looking information could cause actual events, results, performance, prospects and

opportunities to differ materially

from those expressed or implied by such forward

looking information.

Forward looking information in this news release includes, but is not limited to, 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 and mine development plans, timing of the commencement of operations and estimates of

market conditions. Factors t

hat could cause actual results to differ materially from such forward

looking

information include, but are not limited to, failure to identify mineral resources, failure to convert estimated

mineral resources to reserves, the inability to complete a feasib

ility study which recommends a production

decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain

required governmental, regulatory, environmental or other project approvals, political risks, inability to

ulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of

financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations

in commodity prices, delays in the deve

lopment of projects, capital and operating costs varying significantly

from estimates and the other risks involved in the mineral exploration and development industry, and those

risks set out in Aurania’s public documents filed on SEDAR. Although Aurania b

elieves that the

assumptions and factors used in preparing the forward

looking information in this news release are

reasonable, undue reliance should not be placed on such information, which only applies as of the date of

this news release, and no assuranc

e can be given that such events will occur in the disclosed time frames

or at all. Aurania disclaims any intention or obligation to update or revise any forward

looking

information, whether as a result of new information, future events or otherwise, other

than as required by

law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be

any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be

unlawful, incl

uding any of the securities in the United States of America. The securities have not been and

will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any

state securities laws and may not be offered or sold wit

hin the United States or to, or for account or benefit

of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and

applicable state securities laws, or an exemption from such registration requirements is availa

ble.

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