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Summary of Financial Results for the Fiscal Year Ended January 31, 2023
As an exploration company, Garibaldi Resources does not generate revenue and incurs expenditures associated with advancing its projects. For the fiscal year ended January 31, 2023, Garibaldi generated a net loss of C$3,463,740 or C$(0.03) per share compared to a net loss of C$1,851,344 or C$(0.02) per share during the prior year. Operating expenses declined to C$864,559 compared to C$1,609,728 during the prior year period due mainly to lower share-based compensation. Other expenses increased to C$2,056,181 compared to C$423,616 during the prior year period due to a C$1,570,662 loss on the sale of the companyâ€™s non-core British Columbia Grizzly and Golden Bear properties for C$400,000. Deferred income tax expense amounted to C$543,000 compared to a recovery of C$182,000 during the prior year period.
From a cash flow perspective, cash increased C$1,524,048 during the year. Net cash flows used in operating activities amounted to C$797,420, while net cash flows used in investing activities amounted to C$2,844,339. Net cash flows received from financing activities amounted to C$5,165,807. 
Capital Structure and Liquidity
As of January 31, 2023, Garibaldi Resources reported cash in the amount of C$2,088,001 and no debt. The company has not completed any exploration programs in Mexico for several years and is assessing a potential sale and/or option agreements on its Mexican properties. Garibaldi expects to raise capital to advance its exploration programs for the next twelve months.

Summary of Financial Results for the Fiscal Year Ended January 31, 2023
As an exploration company, Garibaldi Resources does not generate revenue and incurs expenditures associated with advancing its projects. For the fiscal year ended January 31, 2023, Garibaldi generated a net loss of C$3,463,740 or C$(0.03) per share compared to a net loss of C$1,851,344 or C$(0.02) per share during the prior year. Operating expenses declined to C$864,559 compared to C$1,609,728 during the prior year period due mainly to lower share-based compensation. Other expenses increased to C$2,056,181 compared to C$423,616 during the prior year period due to a C$1,570,662 loss on the sale of the companyâ€™s non-core British Columbia Grizzly and Golden Bear properties for C$400,000. Deferred income tax expense amounted to C$543,000 compared to a recovery of C$182,000 during the prior year period.
From a cash flow perspective, cash increased C$1,524,048 during the year. Net cash flows used in operating activities amounted to C$797,420, while net cash flows used in investing activities amounted to C$2,844,339. Net cash flows received from financing activities amounted to C$5,165,807. 
Capital Structure and Liquidity
As of January 31, 2023, Garibaldi Resources reported cash in the amount of C$2,088,001 and no debt. The company has not completed any exploration programs in Mexico for several years and is assessing a potential sale and/or option agreements on its Mexican properties. Garibaldi expects to raise capital to advance its exploration programs for the next twelve months.

Summary of Financial Results for the Fiscal Year Ended January 31, 2023
As an exploration company, Garibaldi Resources does not generate revenue and incurs expenditures associated with advancing its projects. For the fiscal year ended January 31, 2023, Garibaldi generated a net loss of C$3,463,740 or C$(0.03) per share compared to a net loss of C$1,851,344 or C$(0.02) per share during the prior year. Operating expenses declined to C$864,559 compared to C$1,609,728 during the prior year period due mainly to lower share-based compensation. Other expenses increased to C$2,056,181 compared to C$423,616 during the prior year period due to a C$1,570,662 loss on the sale of the companyâ€™s non-core British Columbia Grizzly and Golden Bear properties for C$400,000. Deferred income tax expense amounted to C$543,000 compared to a recovery of C$182,000 during the prior year period.
From a cash flow perspective, cash increased C$1,524,048 during the year. Net cash flows used in operating activities amounted to C$797,420, while net cash flows used in investing activities amounted to C$2,844,339. Net cash flows received from financing activities amounted to C$5,165,807. 
Capital Structure and Liquidity
As of January 31, 2023, Garibaldi Resources reported cash in the amount of C$2,088,001 and no debt. The company has not completed any exploration programs in Mexico for several years and is assessing a potential sale and/or option agreements on its Mexican properties. Garibaldi expects to raise capital to advance its exploration programs for the next twelve months.

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Exploration Plans for the Remainder of 2023
 
The Lost Cities project is in the Cordillera de Cutucu which represents the underexplored extension of a rich mineral belt believed to run through the Cordillera del Condor range to the south; an area that has been more widely explored and the source of several major gold and copper discoveries. The project is comprised of 42 mineral exploration concessions encompassing 207,764 hectares in southeastern Ecuador. We think it would be difficult for others to replicate a similarly large and contiguous land package and Auraniaâ€™s exploration and drilling activities have affirmed its rich mineral potential. Reconnaissance exploration has identified: 1) fifteen epithermal gold-silver targets, 2) eleven intrusive-related copper targets, including porphyries that may contain gold in addition to copper, 3) sediment-hosted high-grade copper-silver in sporadic exposures over an area at least 23 kilometers long by 7 kilometers wide, and 4) carbonate replacement silver-zinc-lead-barite mineralization flanked by areas with enriched pathfinder elements for epithermal gold in sporadic outcrops along a 15-kilometer trend.&nbsp;
Private Placement Financing
Aurania closed the third and final tranche of its non-brokered private placement financing. In the third tranche, 224,703 units were sold at a price of C$0.46 per unit for gross proceeds of C$103,363.52. An aggregate of 9,253,811 units were sold during the private placement financing for total gross proceeds of C$4,256,753.20.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.75 per warrant share at any time until the date which is 36 months from the closing date of the applicable tranche of the offering. The company used the net proceeds from the first and second tranches to pay concession fees and general and administrative expenses. The company expects to use the net proceeds from the third tranche for general working capital purposes. 
2023 Exploration Program â€”&nbsp;Awacha and Tatasham&nbsp;
The concessions for the companyâ€™s mineral properties in Ecuador have been renewed for another year following payment of all concession fees in March 2023. Aurania management has identified the Awacha porphyry copper target, the Tatasham target, and the Kuri-Yawi and Kuripan epithermal gold targets as having the highest priority in the short term for further exploration and target refinement. 
During the next six months, Aurania intends to complete Anaconda mapping on the Awacha porphyry copper target and bring it to drill readiness. The company will reexamine Tatasham based on the belief that the antimony anomaly in soils may be due to a sub-cropping mineralized system. The company is currently evaluating the feasibility of conducting an induced polarization (IP) geophysical survey at Awacha and Tatasham. Planned exploration is dependent on raising additional funding. Different funding sources under consideration include equity issuance, short-term loans, stock options, and joint venture partnerships.
The Awacha target comprises a cluster of geophysical anomalies representing porphyry targets in an area approximately 9 kilometers by 6 kilometers. Mobile Magnetotellurics (MobileMT) geophysics revealed a buried conductive body greater than 4 kilometers by 5 kilometers. The anomaly has the classic shape of a porphyry body. Management believes it may represent a cluster of porphyries like the Warintza cluster to the south of Auraniaâ€™s concessions. A mineral spectrometer analysis of soils in the southern half of the anomaly indicates chlorite, kaolinite, white micas, dickite, and pyrophyllite which are compatible with porphyry-style alteration. The conductive anomaly coincides with copper and molybdenum stream sediment anomalies and with quartz-sericite-pyrite alteration exposed in stream beds from field work reported in 2018. During the first quarter of 2023, Aurania focused on the interpretation of data collected during the first phase of Anaconda mapping conducted in 2022.
 
The Tatasham target is the largest magnetic target identified in a 2017 heliborne geophysical survey. The magnetic airborne survey and MobileMT revealed a strong, high magnetic anomaly bordered by a zone of high conductivity. During the third quarter of 2022, the company completed an Anaconda mapping program in an area defined by Mr. Steve Garwin, an expert in porphyry systems, along with Auraniaâ€™s geological team, to define drill targets. Aurania drilled three holes, representing a total of 1,664.64 meters. between the fourth quarter of 2022 and the first quarter of 2023. While Aurania considered Tatasham to be only a porphyry target prior to initial drilling, the discovery of intense silicification associated with fault and breccia and a sinter boulder 1,300 meters further to the south led Aurania to consider the area as having potential for both epithermal and porphyry targets.&nbsp;
External Interest in The Lost Cities Project
 
According to Aurania's management several major mining companies have indicated interest in the company's Lost Cities project. As a result of follow-up meetings, several companies are making use of Auraniaâ€™s data room. The primary interest has been in the porphyry copper and sediment-hosted copper-silver prospects. In our view, executing potential joint venture agreements could be protracted due to an upcoming national election in Ecuador. Voters will pick a successor to Ecuador's President Guillermo Lasso and a new legislature in an election on August 20 with a presidential runoff on October 15 if necessary. We think it is plausible that major mining companies may want to wait until the election is decided before moving forward with joint venture agreements.&nbsp;
In our view, the execution of one or more joint venture agreements could have a material positive impact on the companyâ€™s valuation. We rank joint venture agreements as among the most significant potential near-term catalysts for the stock.
Annual and Special Meeting of Shareholders
Aurania Resources will host its annual and special meeting of shareholders on June 14, 2023 at 2:30 pm ET. Among other items of business, shareholders will elect the directors of the company, vote to appoint McGovern Hurley LLP as the auditors of the company, vote to approve the company's incentive stock option plan, and vote to approve amendments to the company's restricted stock unit plan. Shareholders may consult the form of proxy for more information and how to participate at the meeting via Zoom.&nbsp;&nbsp;
Summary of First Quarter 2023 Financial Results and Full Year 2023 Estimates
 
As an exploration company, Aurania Resources does not generate revenue and incurs expenditures associated with advancing its exploration projects. During the first quarter of 2023, Aurania generated a net loss of C$5.2 million or C$(0.09) per share compared to a net loss of C$5.2 million or C$(0.10) per share during the prior year period. We had forecast a net loss of C$4.5 million, or C$(0.08) which reflected modestly lower exploration expenditures.
From a cash flow perspective, cash decreased C$1.1 million during the first quarter. Net cash used in operating activities amounted to C$4.7 million, while net cash provided by financing activities amounted to $3.6 million.
We have trimmed our 2023 loss estimate to C$9.5 million or C$(0.14) per share from C$10.1 million or C$(0.15) per share. While the first quarter loss was above our estimate, we have trimmed our estimate for exploration expenditures for the remainder of the year, along with other operating expenses.&nbsp;&nbsp;
Capital Structure and Liquidity
As of March 31, 2023, Aurania Resources reported cash in the amount of C$366,856 and promissory notes in the amount of C$7,531,558. Shares outstanding were 66,019,071. With respect to the three-tranche private placement, gross proceeds of C$3,588,726.70 were received during the first quarter and C$668,226.50 were received during the second quarter of 2023.

Exploration Plans for the Remainder of 2023 
 
The Lost Cities project is in the Cordillera de Cutucu which represents the underexplored extension of a rich mineral belt believed to run through the Cordillera del Condor range to the south; an area that has been more widely explored and the source of several major gold and copper discoveries. The project is comprised of 42 mineral exploration concessions encompassing 207,764 hectares in southeastern Ecuador. We think it would be difficult for others to replicate a similarly large and contiguous land package and Auraniaâ€™s exploration and drilling activities have affirmed its rich mineral potential. Reconnaissance exploration has identified: 1) fifteen epithermal gold-silver targets, 2) eleven intrusive-related copper targets, including porphyries that may contain gold in addition to copper, 3) sediment-hosted high-grade copper-silver in sporadic exposures over an area at least 23 kilometers long by 7 kilometers wide, and 4) carbonate replacement silver-zinc-lead-barite mineralization flanked by areas with enriched pathfinder elements for epithermal gold in sporadic outcrops along a 15-kilometer trend.&nbsp;
Private Placement Financing
Aurania closed the third and final tranche of its non-brokered private placement financing. In the third tranche, 224,703 units were sold at a price of C$0.46 per unit for gross proceeds of C$103,363.52. An aggregate of 9,253,811 units were sold during the private placement financing for total gross proceeds of C$4,256,753.20.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.75 per warrant share at any time until the date which is 36 months from the closing date of the applicable tranche of the offering. The company used the net proceeds from the first and second tranches to pay concession fees and general and administrative expenses. The company expects to use the net proceeds from the third tranche for general working capital purposes. 
2023 Exploration Program â€”&nbsp;Awacha and Tatasham&nbsp;
The concessions for the companyâ€™s mineral properties in Ecuador have been renewed for another year following payment of all concession fees in March 2023. Aurania management has identified the Awacha porphyry copper target, the Tatasham target, and the Kuri-Yawi and Kuripan epithermal gold targets as having the highest priority in the short term for further exploration and target refinement. 
During the next six months, Aurania intends to complete Anaconda mapping on the Awacha porphyry copper target and bring it to drill readiness. The company will reexamine Tatasham based on the belief that the antimony anomaly in soils may be due to a sub-cropping mineralized system. The company is currently evaluating the feasibility of conducting an induced polarization (IP) geophysical survey at Awacha and Tatasham. Planned exploration is dependent on raising additional funding. Different funding sources under consideration include equity issuance, short-term loans, stock options, and joint venture partnerships.
The Awacha target comprises a cluster of geophysical anomalies representing porphyry targets in an area approximately 9 kilometers by 6 kilometers. Mobile Magnetotellurics (MobileMT) geophysics revealed a buried conductive body greater than 4 kilometers by 5 kilometers. The anomaly has the classic shape of a porphyry body. Management believes it may represent a cluster of porphyries like the Warintza cluster to the south of Auraniaâ€™s concessions. A mineral spectrometer analysis of soils in the southern half of the anomaly indicates chlorite, kaolinite, white micas, dickite, and pyrophyllite which are compatible with porphyry-style alteration. The conductive anomaly coincides with copper and molybdenum stream sediment anomalies and with quartz-sericite-pyrite alteration exposed in stream beds from field work reported in 2018. During the first quarter of 2023, Aurania focused on the interpretation of data collected during the first phase of Anaconda mapping conducted in 2022. 
 
The Tatasham target is the largest magnetic target identified in a 2017 heliborne geophysical survey. The magnetic airborne survey and MobileMT revealed a strong, high magnetic anomaly bordered by a zone of high conductivity. During the third quarter of 2022, the company completed an Anaconda mapping program in an area defined by Mr. Steve Garwin, an expert in porphyry systems, along with Auraniaâ€™s geological team, to define drill targets. Aurania drilled three holes, representing a total of 1,664.64 meters. between the fourth quarter of 2022 and the first quarter of 2023. While Aurania considered Tatasham to be only a porphyry target prior to initial drilling, the discovery of intense silicification associated with fault and breccia and a sinter boulder 1,300 meters further to the south led Aurania to consider the area as having potential for both epithermal and porphyry targets.&nbsp;
External Interest in The Lost Cities Project 
 
According to Aurania&#8217;s management several major mining companies have indicated interest in the company&#8217;s Lost Cities project. As a result of follow-up meetings, several companies are making use of Auraniaâ€™s data room. The primary interest has been in the porphyry copper and sediment-hosted copper-silver prospects. In our view, executing potential joint venture agreements could be protracted due to an upcoming national election in Ecuador. Voters will pick a successor to Ecuador&#8217;s President Guillermo Lasso and a new legislature in an election on August 20 with a presidential runoff on October 15 if necessary. We think it is plausible that major mining companies may want to wait until the election is decided before moving forward with joint venture agreements.&nbsp;
In our view, the execution of one or more joint venture agreements could have a material positive impact on the companyâ€™s valuation. We rank joint venture agreements as among the most significant potential near-term catalysts for the stock.
Annual and Special Meeting of Shareholders
Aurania Resources will host its annual and special meeting of shareholders on June 14, 2023 at 2:30 pm ET. Among other items of business, shareholders will elect the directors of the company, vote to appoint McGovern Hurley LLP as the auditors of the company, vote to approve the company&#8217;s incentive stock option plan, and vote to approve amendments to the company&#8217;s restricted stock unit plan. Shareholders may consult the form of proxy for more information and how to participate at the meeting via Zoom.&nbsp;&nbsp;
Summary of First Quarter 2023 Financial Results and Full Year 2023 Estimates 
 
As an exploration company, Aurania Resources does not generate revenue and incurs expenditures associated with advancing its exploration projects. During the first quarter of 2023, Aurania generated a net loss of C$5.2 million or C$(0.09) per share compared to a net loss of C$5.2 million or C$(0.10) per share during the prior year period. We had forecast a net loss of C$4.5 million, or C$(0.08) which reflected modestly lower exploration expenditures.
From a cash flow perspective, cash decreased C$1.1 million during the first quarter. Net cash used in operating activities amounted to C$4.7 million, while net cash provided by financing activities amounted to $3.6 million.
We have trimmed our 2023 loss estimate to C$9.5 million or C$(0.14) per share from C$10.1 million or C$(0.15) per share. While the first quarter loss was above our estimate, we have trimmed our estimate for exploration expenditures for the remainder of the year, along with other operating expenses.&nbsp;&nbsp;
Capital Structure and Liquidity
As of March 31, 2023, Aurania Resources reported cash in the amount of C$366,856 and promissory notes in the amount of C$7,531,558. Shares outstanding were 66,019,071. With respect to the three-tranche private placement, gross proceeds of C$3,588,726.70 were received during the first quarter and C$668,226.50 were received during the second quarter of 2023.

Exploration Plans for the Remainder of 2023
   
The Lost Cities project is in the Cordillera de Cutucu which represents the underexplored extension of a rich mineral belt believed to run through the Cordillera del Condor range to the south; an area that has been more widely explored and the source of several major gold and copper discoveries. The project is comprised of 42 mineral exploration concessions encompassing 207,764 hectares in southeastern Ecuador. We think it would be difficult for others to replicate a similarly large and contiguous land package and Auraniaâ€™s exploration and drilling activities have affirmed its rich mineral potential. Reconnaissance exploration has identified: 1) fifteen epithermal gold-silver targets, 2) eleven intrusive-related copper targets, including porphyries that may contain gold in addition to copper, 3) sediment-hosted high-grade copper-silver in sporadic exposures over an area at least 23 kilometers long by 7 kilometers wide, and 4) carbonate replacement silver-zinc-lead-barite mineralization flanked by areas with enriched pathfinder elements for epithermal gold in sporadic outcrops along a 15-kilometer trend.&nbsp;
Private Placement Financing
Aurania closed the third and final tranche of its non-brokered private placement financing. In the third tranche, 224,703 units were sold at a price of C$0.46 per unit for gross proceeds of C$103,363.52. An aggregate of 9,253,811 units were sold during the private placement financing for total gross proceeds of C$4,256,753.20.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.75 per warrant share at any time until the date which is 36 months from the closing date of the applicable tranche of the offering. The company used the net proceeds from the first and second tranches to pay concession fees and general and administrative expenses. The company expects to use the net proceeds from the third tranche for general working capital purposes. 
2023 Exploration Program â€”&nbsp;Awacha and Tatasham&nbsp;
The concessions for the companyâ€™s mineral properties in Ecuador have been renewed for another year following payment of all concession fees in March 2023. Aurania management has identified the Awacha porphyry copper target, the Tatasham target, and the Kuri-Yawi and Kuripan epithermal gold targets as having the highest priority in the short term for further exploration and target refinement. 
During the next six months, Aurania intends to complete Anaconda mapping on the Awacha porphyry copper target and bring it to drill readiness. The company will reexamine Tatasham based on the belief that the antimony anomaly in soils may be due to a sub-cropping mineralized system. The company is currently evaluating the feasibility of conducting an induced polarization (IP) geophysical survey at Awacha and Tatasham. Planned exploration is dependent on raising additional funding. Different funding sources under consideration include equity issuance, short-term loans, stock options, and joint venture partnerships.
The Awacha target comprises a cluster of geophysical anomalies representing porphyry targets in an area approximately 9 kilometers by 6 kilometers. Mobile Magnetotellurics (MobileMT) geophysics revealed a buried conductive body greater than 4 kilometers by 5 kilometers. The anomaly has the classic shape of a porphyry body. Management believes it may represent a cluster of porphyries like the Warintza cluster to the south of Auraniaâ€™s concessions. A mineral spectrometer analysis of soils in the southern half of the anomaly indicates chlorite, kaolinite, white micas, dickite, and pyrophyllite which are compatible with porphyry-style alteration. The conductive anomaly coincides with copper and molybdenum stream sediment anomalies and with quartz-sericite-pyrite alteration exposed in stream beds from field work reported in 2018. During the first quarter of 2023, Aurania focused on the interpretation of data collected during the first phase of Anaconda mapping conducted in 2022.
   
The Tatasham target is the largest magnetic target identified in a 2017 heliborne geophysical survey. The magnetic airborne survey and MobileMT revealed a strong, high magnetic anomaly bordered by a zone of high conductivity. During the third quarter of 2022, the company completed an Anaconda mapping program in an area defined by Mr. Steve Garwin, an expert in porphyry systems, along with Auraniaâ€™s geological team, to define drill targets. Aurania drilled three holes, representing a total of 1,664.64 meters. between the fourth quarter of 2022 and the first quarter of 2023. While Aurania considered Tatasham to be only a porphyry target prior to initial drilling, the discovery of intense silicification associated with fault and breccia and a sinter boulder 1,300 meters further to the south led Aurania to consider the area as having potential for both epithermal and porphyry targets.&nbsp;
External Interest in The Lost Cities Project
   
According to Aurania&#8217;s management several major mining companies have indicated interest in the company&#8217;s Lost Cities project. As a result of follow-up meetings, several companies are making use of Auraniaâ€™s data room. The primary interest has been in the porphyry copper and sediment-hosted copper-silver prospects. In our view, executing potential joint venture agreements could be protracted due to an upcoming national election in Ecuador. Voters will pick a successor to Ecuador&#8217;s President Guillermo Lasso and a new legislature in an election on August 20 with a presidential runoff on October 15 if necessary. We think it is plausible that major mining companies may want to wait until the election is decided before moving forward with joint venture agreements.&nbsp;
In our view, the execution of one or more joint venture agreements could have a material positive impact on the companyâ€™s valuation. We rank joint venture agreements as among the most significant potential near-term catalysts for the stock.
Annual and Special Meeting of Shareholders
Aurania Resources will host its annual and special meeting of shareholders on June 14, 2023 at 2:30 pm ET. Among other items of business, shareholders will elect the directors of the company, vote to appoint McGovern Hurley LLP as the auditors of the company, vote to approve the company&#8217;s incentive stock option plan, and vote to approve amendments to the company&#8217;s restricted stock unit plan. Shareholders may consult the form of proxy for more information and how to participate at the meeting via Zoom.&nbsp;&nbsp;
Summary of First Quarter 2023 Financial Results and Full Year 2023 Estimates
   
As an exploration company, Aurania Resources does not generate revenue and incurs expenditures associated with advancing its exploration projects. During the first quarter of 2023, Aurania generated a net loss of C$5.2 million or C$(0.09) per share compared to a net loss of C$5.2 million or C$(0.10) per share during the prior year period. We had forecast a net loss of C$4.5 million, or C$(0.08) which reflected modestly lower exploration expenditures.
From a cash flow perspective, cash decreased C$1.1 million during the first quarter. Net cash used in operating activities amounted to C$4.7 million, while net cash provided by financing activities amounted to $3.6 million.
We have trimmed our 2023 loss estimate to C$9.5 million or C$(0.14) per share from C$10.1 million or C$(0.15) per share. While the first quarter loss was above our estimate, we have trimmed our estimate for exploration expenditures for the remainder of the year, along with other operating expenses.&nbsp;&nbsp;
Capital Structure and Liquidity
As of March 31, 2023, Aurania Resources reported cash in the amount of C$366,856 and promissory notes in the amount of C$7,531,558. Shares outstanding were 66,019,071. With respect to the three-tranche private placement, gross proceeds of C$3,588,726.70 were received during the first quarter and C$668,226.50 were received during the second quarter of 2023.

Exploration Plans for the Remainder of 2023

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