Vancouver, British Columbia--(Newsfile Corp. - April 1, 2026) - Auranova Resources Inc. (TSXV: AURA) ("Auranova" or the "Company") is pleased to announce that it has collared its first drill hole of the Phase 3 diamond drill program at the South Uchi Project (the "South Uchi Project"), located in the Red Lake District of Ontario and held under option from Kenorland Minerals Limited ("Kenorland").

The first drill hole is a 1.2 km step-out along strike to the west of drill holes 25PADD31 and 25PADD34, which intersected an approximately 200-metre-wide mineralised corridor during the Phase 2 diamond drilling program.

South Uchi Project Comparison to the Great Bear Project

Comparing the South Uchi Project results to the Great Bear project (owned by Kinross Gold Corporation), Auranova Director and technical advisor, Chris Taylor and former CEO and President of Great Bear Resources, stated:

"In 2018 at Great Bear, we had already drilled the LP Fault zone a year before its definitive discovery. In August of that year we released: Great Bear's drill hole DNE-001 intersected a very broad, 176-metre-wide hydrothermal alteration zone containing disseminated sulphide mineralisation and quartz-sericite alteration with anomalous gold. The best sub-interval was 3.90 metres of 1.01 g/t gold. The interval that really stuck in our minds, reported in a summary table, was 10.50 metres of 0.31 g/t gold. ¹ This together with the full width of the hydrothermally altered zone of almost 200 metres, told us a major mineralising fluid system had affected the rocks. A year later, the implication became obvious."

Figure 1. South Uchi Project Papaonga target comparison to the Great Bear project (Kinross Gold Corporation)

To view an enhanced version of this graphic, please visit:
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Notes: The top image displays the Great Bear project (owned by Kinross Gold Corporation). The inset map in the top right shows the location and distance of the project in relation to the South Uchi Project, indicated by the red rectangles. The Great Bear project data is sourced from public records. Mineralisation on adjacent or nearby properties is not necessarily indicative of mineralisation on the Company's property.

He added: "We have now drilled similar disseminated quartz-sericite-pyrite alteration at the Uchi property with Auranova, within an apparently 200-metre-wide structural corridor. In aggregate, drill holes 25PADD031 and 034 intersected over 63 metres of anomalous gold bearing mineralisation.² We are about to test this large-scale gold-bearing structure and are excited to see if higher grades are hosted here."

Notes: (1) Great Bear Resources Ltd. news release (2018, August 22). (2) Auranova Resources news release (2026, January 28).

Phase 3 Drill Program and Follow-Up Target B

The 3,000-metre Phase 3 program may be expanded should favourable drill results be encountered during the six-hole campaign. Numerous additional mineralised zones identified in Phases 1 and 2 will be followed up in future programs, which must be conducted during winter drilling conditions. In addition, Target B - located approximately 8 kilometres east of Auranova's current drill program - represents another area of highly anomalous gold in till geochemistry. This target will be further refined and advanced to drill testing later this year.

Auranova CEO, Tom Obradovich stated: "We are excited to develop the South Uchi Project with the Kenorland team as a partner to execute the current drill program. Together, Auranova and Kenorland negotiated a comprehensive Exploration Agreement with the Lac Seul First Nation which will ensure all parties will benefit from any success at the South Uchi Project. Work permits from the Government of Ontario are in place and it is full steam ahead."

Figure 2. South Uchi Project normalised gold grain counts (till) - Target B location

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Private Placement

In addition, the Company is pleased to announce a non-brokered private placement of up to 3,061,224 common shares in the capital of the Company issued on a "flow-through" basis (each, a "FT Share") at a price of $0.49 per FT Share for aggregate gross proceeds of up to $1,500,000 (the "Offering").

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The gross proceeds from the Offering will be used to incur exploration expenditures on the South Uchi Project. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

Qualified Persons

William Yeomans, B.Sc., P.Geo. (EGBC #027187, PGO #2177), an independent "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Auranova Resources

Auranova Resources Inc. is a mineral exploration company focused on the discovery of new gold systems within the Birch-Uchi Greenstone Belt of Ontario. The Company is advancing its South Uchi Project in partnership with Kenorland Minerals Ltd., while continuing to evaluate and expand its presence across prospective greenstone belts in Ontario.

For further information, please visit the Company's website at www.auranovaresources.com.

On behalf of the Board of Directors of Auranova Resources,

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Mineralisation on adjacent or nearby properties is not necessarily indicative of mineralisation on the Company's property. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290713