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Aurania Resources

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Moving in the Right Direction
Aurania&#8217;s flagship Lost Cities project is in the Cordillera de Cutucu range of Ecuador 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 and would be difficult to replicate. To date, Auraniaâ€™s exploration and drilling activities have underscored its rich mineral potential for epithermal gold, porphyry copper, sediment-hosted copper-silver and silver-zinc mineralization. The company also holds mineral exploration licenses in Peru.&nbsp;
In March, Aurania filed all appropriate documentation for the renewal of its 42 mineral exploration concessions in Ecuador. The company also filed a request with the government to enter into an agreement for payment of the associated annual concession fees. Auraniaâ€™s request was accepted, and the concessions remain in good standing while an agreement is reached. Management anticipates the process could take a couple of months to complete. 
 
The maintenance of Auraniaâ€™s full concession package is a significant step forward because it will allow the company to advance exploration activities dependent on funding availability and provide more time to secure a joint venture or strategic partner to advance the project. Auraniaâ€™s management attended the Prospectors &amp; Developers Association of Canada Convention in March which provided an opportunity for Auraniaâ€™s management to meet with government officials from Ecuador and potential strategic partners.&nbsp;Given the backdrop of strong gold, silver, and copper prices and the significant mineral endowment potential offered by Auraniaâ€™s property package in Ecuador, we believe it is only a matter of time before the company secures a partner to advance the project.
While raising capital remains challenging for junior explorers, we think Aurania can raise sufficient capital to continue work on its more promising targets, including the Awacha porphyry copper target area and/or Kuri-Yawi epithermal gold-silver target. We note that Awacha has been partially mapped using the Anaconda mapping method. Aurania needs to complete the mapping program and additional field work to refine a drill program.&nbsp;
Capital Structure and Liquidity
As of September 30, Aurania Resources reported cash in the amount of C$204,264. Current assets and liabilities were C$362,482 and C$904,034, respectively. Long-term liabilities included promissory notes totaling C$9,335,395. In October 2023, Dr. Keith Barron, CEO, agreed to loan up to C$1,000,000 to the company which is unsecured and bears interest at 2% per annum. Through the November date of the company&#8217;s third quarter filings, C$550,000 had been advanced under the loan. In January 2024, Aurania announced that Dr. Barron had agreed to provide an additional loan of up to C$1,000,000 to the company to be advanced from time to time in principal amounts as agreed by the parties. The loan is unsecured and bears interest at 2% per annum. As of January 30, C$100,000 had been advanced under the loan. Management&#8217;s interests are aligned with shareholders and Dr. Barron, CEO, owns approximately 43% of Aurania&#8217;s shares outstanding and does not receive a salary.

Aurania Resources (AUIAF)

Rating Lowered to Market Perform; Moving in the Right Direction

Fundamental Analysis:

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Crunchy Hill Adds Another Layer of Excitement to the 2024 Exploration Program (AUIAF)

Take-Aways from the Annual General Meeting (AUIAF)

Private Placement Financing Successfully Closed (AUIAF)

Sustaining Positive Momentum; Upgrading to Outperform (AUIAF)

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