Moving Forward

Maintaining a Firm Footing in Ecuador with an Eye Toward France

Thoughts from the Annual General Meeting

Exploration Plans for the Remainder of 2023

Mark Reichman

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Basic Materials

Metals & Mining

Aurania Resources

A Growing List of Targets&nbsp;
Reconnaissance exploration has been completed over 52% of the concession area. While no stream sediment samples were taken during the second quarter due to a decrease in exploration activities due to the pandemic, 596 soil samples were taken during the quarter. The company&#8217;s exploration efforts have been focused on: 1) two historic gold mining centers, Sevilla de Oro and Logrono de los Caballeros, 2) epithermal gold-silver targets, of which 20 have been identified, 3) porphyry copper targets, 4) sedimentary-hosted copper, and 5) silver-lead-zinc targets. The table below summarizes the targets identified to date.&nbsp;
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/AUIAFTargetlist.png" style="width: 438px;height: 401px;float: none" /> 
Second Quarter Financial Results and Estimate Changes&nbsp; &nbsp;&nbsp; 
 
As an exploration company, Aurania Resources generates no revenue.&nbsp;During the second quarter, the company generated a net loss of C$(0.05) per share compared with C$(0.09) during the prior year period and our estimate of C$(0.07). The variance to our estimate is attributed to lower costs, partially due to pared back activity due to COVID-19 work restrictions. Exploration expense was C$1,254,287 compared with our estimate of C$2,000,000 and other expenses, including for investor relations, and professional and administration fees were below our estimates. We have narrowed our 2020 loss per share estimate to C$(0.46) from C$(0.48).&nbsp;
For the six months ended June 30, net cash used in operating activities amounted to C$8,524,292, net cash used in investing activities amounted to C$8,064, while net cash provided by financing activities was C$6,839,606 resulting in a net decrease in cash of C$1,692,750.&nbsp;&nbsp;
Capital Structure and Liquidity&nbsp;
As of June 30, Aurania Resources held cash in the amount of C$3,536,591 and promissory notes in the amount of C$4,376,269, all of which is current. At the end of the second quarter, the company had 40,816,179 shares outstanding.

Aurania Resources (AUIAF)

Near-Term Focus Turns to Copper

Fundamental Analysis:

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Moving Forward (AUIAF)

Maintaining a Firm Footing in Ecuador with an Eye Toward France (AUIAF)

Thoughts from the Annual General Meeting (AUIAF)

Exploration Plans for the Remainder of 2023 (AUIAF)

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