Dr. Richard Spencer reports

AURANIA GRANTED ITS FIRST CONCESSIONS IN NORTHERN PERU

Aurania Resources Ltd. has been granted the first six mineral exploration concessions from the 393 covering approximately 384,000 hectares applied for in Northern Peru. Application for this extensive concession package was made to cover potential extensions of the sedimentary-hosted copper-silver identified over the border in the company's Lost Cities -- Cutucu project in southeastern Ecuador.

Location of the granted concessions

The first concessions granted form part of a larger block that adjoins the joint venture between Hannan Metals Ltd. and Japan Oil, Gas and Metals National Corp. High-grade copper and silver have been reported by Hannan from the adjacent concession area. The concession blocks that Aurania has applied for in Peru cover the contact between red-beds (oxidized sandstone) and carbon-bearing rocks that, due to their chemically reductive nature, form prime trap-sites for copper.

Publicly available seismic data acquired by various oil companies that previously explored the area of Aurania's concessions have been secured by Aurania, at no cost, from the Peruvian government. The results of Aurania's interpretation will be the subject of a press release to be made in the next few weeks. If all Aurania's applied-for concessions are eventually granted, it will represent the fourth-largest landholding in the Republic of Peru. Aurania applied for these concessions in Peru in mid-2019 and Hannan announced the signing of its JV with JOGMEC on Nov. 30, 2020.

Qualified person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. 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 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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