Ms. Carolyn Muir reports

AURANIA RENEWS SELECT CONCESSIONS IN PERU & GRANTS STOCK OPTIONS

Aurania Resources Ltd. has completed the process of renewing certain annual mineral concession applications at its Vicus property in Peru. The company selected concessions that have higher geological potential, where the application process has been completed and most of the concessions have been granted.

In total, 94 concessions covering an area of 93,100 hectares were renewed and paid using an existing credit of $277,689 (U.S.) that the company had with the Instituto Geologico Minero y Metalurgico or Ingemmet. Ingemmet is the Peruvian scientific and management agency division of the Ministry of Energy and Mines. Thirty-six concessions covering a total area of 35,600 hectares were not renewed by the company.

The credit can only be applied toward concession fees in Peru. It cannot be refinanced as cash to Aurania. The renewal covers the period from July 1, 2022, to June 30, 2023, for the property, and the next payment covering the period from July 1, 2023, to June 30, 2024, is expected to occur prior to June 30, 2024.

Although the company believes that many of the concessions in Peru remain prospective, management determined that the additional annual fees and other costs associated with the property are not appropriate for a non-core asset. The company will continue to pursue a potential partner and/or a possible corporate transaction for the property.

As stated in the press release dated April 12, 2023, independent directors of the company have agreed to receive all of their director fees in the form of stock options in lieu of cash for each quarterly period in 2023. On June 30, 2023, each director was granted 14,500 stock options at an exercise price of 33 cents in lieu of director fees for second quarter 2023. An aggregate of 58,000 stock options were granted. The stock options will be exercisable for three years and vest immediately.

Also, in accordance with the company's stock option plan, the board of directors granted a total of up to 1.99 million stock options to directors, officers, employees and consultants. The stock options have an exercise price of 33 cents, are exercisable for five years and are subject to customary vesting conditions.

Qualified person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc, vice-president, exploration, of the company. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators.

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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