Ms. Carolyn Muir reports

AURANIA PROVIDES UPDATE AND DIRECTORS RECEIVE OPTIONS IN LIEU OF FEES

Aurania Resources Ltd. has provided a brief update and has noted that its directors received their quarterly director fees in the form of stock options in lieu of cash for the period ended Sept. 30 (see press release dated April 12, 2023).

On Sept. 29, 2023, each director was granted 26,800 stock options at an exercise price of 23.5 cents in lieu of their director fees for Q3 2023. An aggregate of 107,200 stock options were granted. The stock options will be exercisable for three years and will vest on Sept. 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 Oct. 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. Ms. Gonzalez was in first place with 34 per cent of the votes on Aug. 20, and Mr. Noboa held 24 per cent 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, Mr. Noboa emerges as the candidate with the most promising prospects for the presidency in the upcoming second round. This is because Ms. Gonzalez's room for growth on her 34-per-cent showing remains limited to those supportive of Correa's former socialist government (2007 to 2017). Mr. Noboa, by contrast, is positioned to secure substantial backing from voters who had initially supported a variety of anti-Correismo candidates. At time of writing, Mr. Noboa is ahead in the polls, from 5 per cent to 8 per cent. 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 licence the company has. The management team's focus is to work on those initiatives with the higher potential to create value for its 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 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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