Aurania Resources Ltd. Provides Update on Exploration Activities

Investor Update Webcast & Conference Call Details
Date: Wednesday, March 3, 2021
Time: 11:00am EST

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Scout Drilling

• At Tsenken N1, the drill hole has reached a depth of 500 metres ("m") after having been held up in a geological fault zone that was cemented to allow drilling to continue. The hole is in red-beds of the Chapiza Formation and the MobileMT target is a conductor that we believe lies near the interface between the red-beds and the underlying limestone and black shale of the Santiago Formation at a depth of approximately 400m below surface, requiring a 600m inclined drill hole. Drilling continues on this target.
• Drill platforms are being prepared for drilling of the Yawi epithermal gold-silver and copper porphyry targets. The planned drilling is designed to test both the epithermal target and the deeper porphyry target with drilling down to approximately 800m. A larger drill rig will be used for the drilling at Yawi. Note that the Yawi target is being renamed Kuri-Yawi to avoid confusion with Solaris Resources' target of the same name in the Warintza target area 15km south of Aurania's concession area. "Kuri" is the Shuar word for gold.
• Drill platforms are being sited in a 4 kilometre ("km") segment of the 15km long Tiria-Shimpia silver-zinc target area based on field mapping of laterally continuous silver-zinc - bearing sheets that are parallel to the layering in limestone strata.

MobileMT

The planned MobileMT geophysical survey has been completed. A few additional survey lines are being flown to refine targets in the Kuri-Yawi and Tsenken N1 - Tsenken West areas prior to planned drilling. The survey has been plagued by bad weather, and a proposal will be made to the Board to extend the MobileMT survey to cover additional targets later in the year.

Provisional data have been received for the Awacha and Tatasham - Tiria - Shimpia target areas and will be reported on in due course when the data have been integrated with geological information from the field. Field, magnetic geophysical, and geochemical data indicate that Awacha is a cluster of porphyries, as is Tatasham. Tiria-Shimpia is a silver-zinc target.

Lost Cities

Field teams are working in an area that Metron Incorporated highlighted as having a high probability of containing Logroño - the gold mine that operated between approximately 1564 and 1605.

NI 43-101 Report on Peru Properties

Since the first of the exploration concessions applied for in Peru have been granted, as reported in the press release dated February 17, 2021, Management has decided that a National Instrument 43-101 Technical Report is warranted - and is being drafted. The application for a large tract of exploration concessions in Peru is based on the concept that sedimentary-hosted copper and silver from the Lost Cities Project in Ecuador extends across the border into Peru.

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

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.