Mr. Matti Talikka reports

AURION ANNOUNCES THAT KINROSS AGREES TO PURCHASE ADDITIONAL KINROSS SHARES TO MAINTAIN ITS OWNERSHIP POSITION

Aurion Resources Ltd. has arranged a non-brokered private placement of common shares to Kinross Gold Corp. which, on closing, will enable Kinross to maintain its previous ownership position of approximately 9.98 per cent of the issued and outstanding common shares of the company.

By news release dated July 16, 2024, the company announced an upsized brokered private placement of up to 11,818,182 common shares at a price of 55 cents per common share through a syndicate of agents led by Red Cloud Securities Inc. The company has also granted the agents an option, exercisable at any time up to 48 hours prior to the closing of the brokered offering, to sell up to an additional 2,727,273 common shares issuable under the brokered offering on the same terms and conditions.

Kinross initially purchased 6,853,500 common shares of the company by way of private placement in September, 2017, thus acquiring 9.98 per cent of the then issued and outstanding common shares of the company. Kinross has the right to maintain its pro rata interest in the company for so long as it owns at least 5 per cent of the issued and outstanding common shares of the company from time to time. The Kinross private placement is expected to comprise the sale of a minimum of 1,582,153 common shares and a maximum of 1,884,510 common shares at a price of 55 cents per common share, with the final amount to be determined by the extent to which the brokered offering is completed and the agents' option is exercised.

The company plans to use the net proceeds of the brokered offering and the Kinross private placement for the exploration and advancement of the company's projects in Finland, which includes its flagship Risti project, and other projects on its 100-per-cent-owned land and its joint venture properties with B2Gold Corp. and Kinross Gold, as well as for general working capital purposes.

The closing of each of the brokered offering and the Kinross private placement is expected to occur on or about Aug. 7, 2024, and is subject to certain conditions, including, but not limited to, the receipt of any necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Kinross private placement will be subject to a hold period of four months and one day from the closing.

About Aurion Resources Ltd.

Aurion Resources is a well-funded Canadian exploration company listed on the TSX Venture Exchange (TSX-V: AU) and the OTCQX Best Market (OTCQX: AIRRF). Aurion's strategy is to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration by its experienced team or by business partnerships and joint venture arrangements. Aurion's current focus is exploring on its flagship Risti project, as well as advancing its joint venture properties with B2Gold and Kinross Gold in Finland.

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