Ms. Carolyn Muir reports

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

Aurania Resources Ltd. has closed the previously announced option agreement dated April 27, 2026 (the execution date), with St-Georges Eco-Mining Corp. (Canadian Securities Exchange: SX), and its wholly owned subsidiary Iceland Resources ehf (IR), to work collaboratively to define and execute a phased exploration program aimed at advancing the Thormodsdalur gold project, toward initial modern resource definition. Please see the company's press release dated April 28, 2026, for further details on the project and the agreement.

Pursuant to the terms of the agreement, Aurania issued to St. Georges 988,359 common shares at a deemed price per share of 20.68 cents for a total value of $204,375 ($150,000 (U.S.)). The deemed price per share is 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. The shares issued to St. Georges are subject to a hold period of four months and one day from the date of issuance.

To exercise the option to earn a 70-per-cent interest in the project (the first option), Aurania must incur exploration expenditures of $5-million (U.S.) over four years 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 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 (net smelter return) royalties. In the event the royalty is granted, Aurania shall have the right to repurchase 1 per cent of the royalty for $1.5-million (U.S.), in cash or shares (subject to the approval of the TSX Venture Exchange if the buy back will be made in shares), at Aurania's sole discretion, at any time prior to the one year anniversary of commercial production at the project.

If St. Georges elects to retain the royalty, Aurania will have the right, in its sole discretion, to increase its interest in the project to 100 per cent by incurring an additional $2-million (U.S.) of exploration expenditures prior to the fifth anniversary of the execution date.

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, 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 Notre-Dame niobium project in Lac St Jean.

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