Ms. Carolyn Muir reports

AURANIA ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT

Aurania Resources Ltd. has closed the second tranche of its non-brokered private placement financing of up to 10,869,565 units of the company for gross proceeds of up to $5-million, subject to the right of the company to increase the size of the initial offering by up to 25 per cent of the size of the initial offering. The offering was previously announced on March 13, 2023, and March 23, 2023, the date the company closed the first tranche of the offering.

An aggregate of 1,227,963 units were sold under the second tranche at a price of 46 cents per unit, for total gross proceeds of $564,862.98. An aggregate of 9,029,108 units have been sold under the offering for total gross proceeds of $4,153,389.68.

The company also announces that it has received an extension from the TSX Venture Exchange to close the offering until May 24, 2023. The company expects the closing of the third and final tranche offering will be in advance of this date.

Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 75 cents per warrant share at any time until the date which is 36 months from closing date of the applicable tranche of the offering.

In connection with the closing of the second tranche, the company paid commissions to certain finders of an aggregate of $16,050.51 in cash and 34,892 finders' warrants. Each finder warrant entitles the holder thereof to purchase one unit at the issue price and is exercisable for a period of 36 months from the closing of the second tranche.

The offering and the closing of the first tranche, second tranche and the extension are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued and issuable in connection with the offering are subject to a hold period of four months plus one day from the date of issuance.

The company has used the net proceeds of the first tranche to pay concession fees and general and administrative expenses. The company expects to use the net proceeds from the remainder of the offering for exploration activities at the company's The Lost Cities -- Cutucu project in southeastern Ecuador and for general working capital and corporate purposes. The company's proposed exploration activities, as detailed in the company's press release dated April 13, 2023, are depending on raising further financing.

For further details concerning the offering, please see the company's news releases dated March 13, 2023, March 23, 2023, and April 13, 2023.

About Aurania Resources Ltd.

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.

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