Aurania Provides Update and Directors Receive Options IN Lieu of Fees
TSX-V: ARU
NR 2022-16
AURANIA PROVIDES UPDATE AND DIRECTORS RECEIVE OPTIONS IN LIEU OF FEES
Toronto, Ontario, October 2, 2023 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) provides a brief update and announces that its directors
received their quarterly director fees in the form of stock options in lieu of cash for the period ended
September 30th (see press release dated April 12, 2023).
On September 29, 2023, each director was granted 26,800 stock options at an exercise price of $ 0.235 in
lieu of their director fees for Q 3 2023. An aggregate of 107,200 stock options were granted. The stock
options will be exercisable for three years and will vest on September 29, 2023. The Company will grant
stock options equivalent in fair value to the director fees forfeited each quarter during 2023, at an exercise
price of one cent above the closing price of Aurania’s shares the day prior to the grant and exercisable at
any time for a period of three years following the date of issuance.
Update on Ecuador and France
The next President of Ecuador will be determined in a run-off election on October 15. The two candidates,
Luisa Gonzalez (UNES - Correa's party) and Daniel Noboa (ADN - centrist, business-aligned) are expected
to be supportive of responsible mining. Gonzalez was in first place with 34% of the votes on August 20th,
and Daniel Noboa held 24% of the votes at that time. The winning candidate will be in power until the next
president is elected in Ecuador’s regularly scheduled election in the first half of 2025. After the first-round
results, Noboa emerges as the candidate with the most promising prospects for the presidency in the
upcoming second round. This is because González’s room for growth on her 34 percent showing remains
limited to those supportive of Correa’s former Socialist government (2007-2017). Noboa, by contrast, is
positioned to secure substantial backing from voters who had initially supported a variety of “anti -
Correísmo” candidates. At time of writing, Noboa is ahead in the polls, from 5- 8%. He has already met
with the Ecuador Chamber of Mines, of which Aurania is a member, and recognizes the importance of
mining to the Ecuador economy. Whomever wins the election will take office in December.
In the meantime, Aurania’s CSR team continues to work with local communities in Ecuador to advance
various social programs and initiatives within the areas of the Company’s key targets , strengthening the
bonds with the communities and improving the social license the Company has . The management team’s
focus is to work on those initiatives with the higher potential to create value for our shareholders in Ecuador
and France, where the applications for mineral exploration permits , announced in July 2023, are being
processed. The Company will report on those activities as new developments occur.
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
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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.
Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, 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
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
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.
Forward-Looking Statements
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 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, the Company’ s teams being on track ahead of any drill program, the
commencement of any drill program 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 forwa rd-looking information include, among other things, the ability to
anticipate and counteract the effects of COVID -19 pandemic on the business of the Company, including
without limitation the effects of COVID -19 on the capital markets, commodity prices supp ly chain
disruptions, restrictions on labour and workplace attendance and local and international travel; 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 preciou s metals and copper; and. those risks
set out in the Company’s public documents filed on SEDAR. Aurania cautions the reader that the above list
of risk factors is not exhaustive. Although the Company believes 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 assurance can
be given that such events will occur in the disc losed time frames or at all. The Company 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.