Dr. Keith Barron reports

AURANIA COMPLETES DRILLING AT THORMODSDALUR GOLD PROJECT IN ICELAND

Aurania Resources Ltd. has completed its 2026 drill program on the Thormodsdalur epithermal gold-silver project in Iceland. Eight holes were diamond drilled for a total of 780.70 metres, with mineralized textures consistent with epithermal gold-silver mineralization observed in every hole. Core recovery was at or close to 100 per cent in most cases, addressing key limitations of previous drilling. Assay results are anticipated in November, 2026, subject to laboratory processing times.

Highlights

• Eight diamond drill holes completed, totalling 780.70 metres.
• Core recovery at or close to 100 per cent in most cases, compared with approximately 50 per cent or less reported in previous programs.
• Most holes twinned historical holes to retest vein zones affected by earlier core loss.
• Quartz veins and hydrothermal breccias display textures consistent with an epithermal gold-silver system present in every drill hole; grades await laboratory assays.
• Samples submitted to ALS; assay results expected in November, 2026.

Aurania's president and chief executive officer, Dr. Keith Barron, commented: "Iceland has a successful history of drilling for geothermal hot water and steam for the generation of electric power, and there are many contractors on the island nation. However, the objective in geothermal drilling is to drill an open hole into the ground for maybe hundreds of metres, not to secure a complete sample of the rock the drill has passed through. Recovering the broken, clay-rich vein material was a key objective of this program. Previous drilling programs reported core recoveries of approximately 50 per cent or less, with fine material lost during drilling, particularly in the mineralized zones. We engaged Finland-based Arctic Drilling company Oy Ltd. to use HQ3 diamond drilling to recover a more continuous core sample. We are pleased that core recovery was at or close to 100 per cent in most cases."

The core contains both quartz veins and hydrothermal breccias, consistent with the epithermal gold-silver system. Observed textures in mineralized zones include crustiform-colloform chalcedonic quartz with plumose and moss textures, dark bands, and cockade-breccia textures. Aurania interprets these features as evidence of the upper boiling zone in a fossilized geyser system. The veins are known to be gold-bearing from previous drill campaigns, and boiling of fluids is considered the mechanism for precious-metal precipitation in the veins. In addition to the upper boiling zone model, fluid mixing is another probable gold-deposition mechanism given the association of mineralization with banded quartz, adularia, clays and silica. To gain a general understanding of quartz textures, please consider watching the following video interpretation by Dr. Gregg Morrison: Textural Zoning In Epithermal Quartz Veins with Gregg Morrison.

Dr. Keith Barron further commented: "Gregg tried unsuccessfully to convince me to do a PhD at the Pajingo gold mine in Queensland in 1988, and again I met with him in 2009 when he was at Fruta del Norte (FDN) in Ecuador. He is certainly one of the world's experts on epithermal deposits and taught me a great deal. During the COVID shutdown in 2020, I recorded a series of 'modules' on epithermal gold-silver deposits, and I consider it a master class for the layperson who wants a better understanding. Of course, in 2020, I had no inkling that Aurania would one day be exploring epithermals in Iceland! Straight Talk On Mining -- Insights on mining from economic geologist Dr. Keith Barron.

"These modules can be individually watched or binged together. Most are about 3.5 to five minutes long, but a few are longer. I have mentioned geologist Peter Grieve in one of them. Peter managed our drill program and logged the core for us at the project, ably assisted by Icelandic geologist Miss Svava Osk Arnadottir. I worked with Peter previously in Ecuador, and it was great to interact with him again on the project in Iceland."

The core shows strong evidence of fault movement after mineralization. The mineralized zones, being the zone of weakness, have been sheared and granulated. The movement sheared and broke the quartz veins, commonly reducing them to fragments a centimetre or less in diameter within a clay-rich matrix. Diagnostic epithermal textures, however, remain clearly visible in the fragments, including intervals of classic epithermal colloform bandings.

About Thormodsdalur

The Thormodsdalur project is located approximately 20 kilometres east of Reykjavik, Iceland, and is held by Iceland Resources ehf (IR), a wholly owned subsidiary of St-Georges Eco-Mining Corp. (Canadian Securities Exchange: SX). In April, 2026, Aurania entered into an option agreement with St-Georges and IR to collaboratively define and execute a phased exploration program to advance the project toward an initial modern resource definition. The key terms of the option agreement are described in the company's news release dated April 28, 2026.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Aurania's vice-president, exploration, Jean-Paul Pallier, MSc, who is not independent 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 critical energy in Europe and abroad.

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