Dr. Richard Spencer reports

AURANIA RESOURCES LTD. COMPLETES $4,000,000 FIRST TRANCHE OF A NON-BROKERED PRIVATE PLACEMENT

Aurania Resources Ltd., further to its news releases dated June 1, 2018, has completed a first tranche of a non-brokered private placement financing of two million units of the company at a price of $2 per unit, for total gross proceeds of $4-million. Each unit consists of one common share of the company and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of $3 for a period of 18 months following closing of the offering.

In connection with the first tranche of the offering, the company paid compensation to certain eligible finders consisting of a cash commission of $158,404.80 and 79,202 compensation warrants. Each finder's compensation warrant is exercisable into a common share at $3 per common share for 18 months following the closing of the first tranche of the offering.

The units and underlying securities are subject to a customary four-month-and-a-day hold period. The units and underlying securities have not been and will not be registered under the United States Securities Act of 1933, as amended, 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.

Richard Spencer, the president and a director of the company, has subscribed for 11,250 units pursuant to the offering in accounts over which he has direction and control. Mr. Spencer's participation in the offering constitutes a "related party transaction" under the Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on the exemption from valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and 5.7(a) of MI 61-101, as the fair market value of the participation in the offering by insiders does not exceed 25 per cent of the market capitalization of the company.

The gross proceeds raised from the sale of the units will be used by the company for mineral exploration, which includes continuing the geochemical sampling survey and prospecting that have been successful in discovering several epithermal targets, additional geophysical surveys over specific target areas, and remote sensing, all with a focus on further defining specific drill targets, and for general working capital purposes.

As announced in the press release dated June 1, 2018, Aurania established an overallotment option pursuant to the offering. Aurania anticipates that a second tranche of the offering will be completed for gross proceeds of up to $500,000.

About Aurania Resources Ltd.

Aurania is a junior exploration mining company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper. 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.

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