The TSX Venture Exchange has accepted for filing documentation relating to an option agreement dated April 27, 2026, between Aurania Resources Ltd. and arm's-length parties. Pursuant to the agreement, the company will earn a 70-per-cent interest in the Thormodsdalur gold project by incurring exploration expenditures over a four-year period. The project is located approximately 20 kilometres east of Reykjavik, the capital of Iceland.

Upon the company earning a 70-per-cent interest in the project, the optionor will have the option to choose between maintaining a 30-per-cent interest in the project through a joint venture or retaining an up to 3-per-cent net smelter return (NSR) royalty on the project, with such royalty to be reduced as necessary such that the aggregate royalty burden on the project shall not exceed 3 per cent, inclusive of any pre-existing NSR royalties. If the optionor elects to retain the royalty, the company will have the right, in its sole discretion, to increase its ownership in the project to 100 per cent by incurring an additional $2-million (U.S.) of exploration expenditures prior to the fifth anniversary.

For further details, please refer to the company's news releases dated April 28, 2026, and May 8, 2026.