Dr. Keith Barron reports

AURANIA ENTERS INTO AGREEMENT WITH ST-GEORGES TO JOINTLY ADVANCE THE THOR EPITHERMAL GOLD PROJECT IN ICELAND

Aurania Resources Ltd. has entered into a definitive option agreement dated April 27, 2026, with St-Georges Eco-Mining Corp., a Canadian incorporated mineral exploration company, and its wholly owned subsidiary, Iceland Resources EHF (IR), an Icelandic incorporated precious metals exploration company, to work collaboratively to define and execute a phased exploration program aimed at advancing the Thormodsdalur gold project toward initial modern resource definition. The Thor's Valley project is held by IR and is located approximately 20 kilometres east of Reykjavik, the capital of Iceland.

Aurania's president and chief executive officer, Dr. Keith Barron, commented: "After visiting the project area and personally reviewing the archived drill core, the Thor's Valley project represents a compelling opportunity with strong exploration upside. By formalizing our collaboration with St-Georges, we are positioning ourselves to unlock the potential of an underexplored geological district. Thor's Valley displays all the key signatures of a robust epithermal gold system, supported by a history of documented high-grade mineralization and a suite of compelling structural targets that remain largely untested by modern exploration methods. This agreement allows Aurania to deploy its technical expertise toward a highly prospective gold project. We look forward to progressing this project with discipline, technical rigour and a strong commitment to unlocking its full potential."

Comment from Thordis Bjork Sigurbjornsdottir, CEO of Iceland Resources: "This is an important partnership for Iceland Resources and we are pleased to welcome Aurania Resources Ltd. as a partner on the Thormodsdalur project. Over the past several years, we have engaged in discussions with several groups with the objective of identifying a partner with the right technical experience and approach for this type of epithermal gold system. We believe Aurania brings that combination, supported by relevant experience in advancing high-grade epithermal discoveries. We look forward to working together to advance Thormodsdalur in a disciplined and value-focused manner."

Summary of terms under the agreement:

• Initial payment of $150,000 (U.S.) in common shares of Aurania to be issued to St. Georges on the closing date of the agreement at a deemed price per share equal to the volume weighted average price of the shares on each business day commencing on the execution date and ending on the last business day prior to the closing date of the agreement;
• Aurania to incur exploration expenditures of $5-million (U.S.) over four years to earn a 70-per-cent interest in the project, with such exploration expenditures to be incurred as follows:
  • At least $500,000 (U.S.) prior to the first anniversary of the execution date;
  • At least $1-million (U.S.) prior to the second anniversary of the execution date;
  • At least $1.5-million (U.S.) prior to the third anniversary of the execution date;
  • At least $2-million (U.S.) prior to the fourth anniversary of the execution date;
• Upon completing the first option, St-Georges will have the option to choose between maintaining a 30-per-cent interest in the project through a joint venture or retain an up-to-3-per-cent net smelter return (NSR) royalty on the project, with such royalty to be reduced as necessary such that the aggregate royalty burden on the project shall not exceed 3 per cent, inclusive of any pre-existing NSR royalties;
• If St. Georges elects to retain the royalty, Aurania will have the right, in its sole discretion, to increase its ownership to in the project to 100 per cent by incurring an additional $2-million (U.S.) of exploration expenditures. A joint exploration committee will be established between Aurania and St-Georges, with Aurania being the technical operator.

The agreement is subject to certain conditions, including the approval of the TSX Venture Exchange. The shares will be subject to a hold period of four months and one day from the date of issuance.

Thor's Valley is a historically known gold-bearing, low-sulphidation epithermal system that was initially discovered in 1903 when two Icelandic farm boys picked up pieces of white quartz from a stream, which proved to be gold bearing. A number of ventures were organized from 1911 to 1924 using German or British capital. Two shafts were sunk and approximately 400 metres of lateral workings performed. As a result of this, the productive vein was estimated to be one metre wide and at least one kilometre long. Reported grades were 11 grams per tonne (g/t) to 315 g/t gold (1). The ore was direct shipping and initially sent to Norway and later to Germany for treatment. There are no historical tailings on site. Perhaps significantly, the historical record indicates that the last operator, Arcturus, a German company, failed due to the Weimar hyperinflation rather than ore depletion.

In the 1990s, several programs of geochemical and petrographical studies were done, including a vertical geothermal well to a depth of 455 metres, which encountered multiple mineralized quartz veins, including one at the bottom of the hole. In 1997, a total of 1,069.21 metres were diamond drilled in nine holes, however, average core recovery was only 52 per cent. The intervals sampled graded 1.13 g/t to 46.10 g/t gold (Au), but this is not considered representative and true widths could not be calculated.

Between 2005 and 2006, the private exploration company, Melmi EHF, drilled 32 holes totalling 2,431 m, which returned results up to 415.40 g/t Au. Melmi was acquired by Iceland Resources in 2020, which completed 11 additional drill holes totalling 1,780 m, with results of up to 113 g/t Au (1).

The Thor Valley mineralization is a classic banded epithermal chalcedony-ginguro vein system with gold occurring both in free form and in association with sulphides. There are obviously a number of different vein sets here that appear controlled by regional and local structures.

The project consists of a national exploration permit covering approximately 51,300 hectares in Iceland.

Planned work program

Aurania anticipates completing an initial exploration program focused on targeted drilling and surface exploration designed to test deeper and along-strike continuity of the known mineralized zones, using both historical data and newly generated technical information. Several of the previous drill holes with poor recovery will be twinned.

The company cautions the reader that the historical information referred to herein is based on data compiled by previous operators and publicly available sources, and is being provided for reference purposes only. A qualified person retained by Aurania has not undertaken sufficient work to verify the historical data and such information should not be relied upon. Further exploration work, including drilling and data verification, is required and may or may not result in the delineation of a mineral resource.

No current mineral resources or mineral reserves, as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, have been established on the project.

The technical and scientific information contained in this news release has been reviewed and approved by Jean-Paul Pallier, MSc, vice-president of exploration of the company. 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.

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending intellectual property within several highly prospective subsidiaries, including: EVSX, a leading North American advanced battery processing and recycling initiative; St-Georges Metallurgy, with metallurgical R&D (research and development) and related IP (intellectual property), including processing and recovering high-grade lithium from spodumene; Iceland Resources, with high-grade gold exploration projects, including the flagship Thor project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects, including the Manicouagan and Julie nickel, copper and PGE (platinum group element) critical mineral projects on Quebec's North Shore, and the Notre-Dame niobium project in Lac St Jean.

About Iceland Resources EHF

Iceland Resources is an Icelandic mineral exploration company focused on early-stage precious metal projects, including Thormodsdalur. The company's exploration strategy emphasizes systematic, data-driven evaluation of prospective targets in underexplored volcanic terrains.

About Aurania Resources Ltd.

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 critical energy in Europe and abroad.

(1) Additional information regarding the Thormodsdalur project is available on Iceland Resources' website.

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