Press Release, Aurania Granted Its First Concessions in Northern Peru

Toronto, Ontario--(Newsfile Corp. - February 17, 2021) -  Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") reports that the first six mineral exploration concessions have been granted from the 393 covering approximately 384,000 hectares ("Ha") 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 ("JV") between Hannan Metals Limited ("Hannan") and Japan Oil, Gas and Metals National Corporation ("JOGMEC") (Figure 1). High-grade copper and silver have been reported by Hannan from the adjacent concession area as shown in Figure 1. 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 has been secured by Aurania, at no cost, from the Peruvian government. The location of the seismic lines is shown on Figure 1 and 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 November 30, 2020.

Figure 1. Simplified geological map of the area in which Aurania's first mineral exploration concessions in Peru have been granted (not all of Aurania's applications in Peru are shown). Areas shown in blue are red-beds and those shown in green are the reactive strata that would capture the copper derived from the red-beds. Salt domes, believed to be a key component in the formation of sedimentary-hosted copper deposits, are also shown. Concessions applied for by Hannan, and included in its JV with JOGMEC, are shown for reference. Also shown are the locations of seismic lines. The grades reported are from Hannan's press release dated September 3, 2019 and these grades have not been independently verified by Aurania. "Cu" is the symbol for copper and "Ag" is that of silver.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/74673_9e8237c1d4241b82_001full.jpg

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.

All copper and silver grades noted in Figure 1 are from Hannan's press release dated September 3, 2019 and Aurania has not verified these reported results.

About Aurania
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.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
richard.spencer@aurania.com

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.

Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania's future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania's public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.