Gold and Copper Exploration in Ecuador

Corporate Presentation – August 2017

The Lost Cities - Cutucu Project

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Forward-Looking Statements

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This presentation contains 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 presentation includes, but is not

limited to, Aurania’s company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the company’s portfolio, treasury, management team

and enhanced capital markets profile, the estimation of mineral resources, exploration and mine development plans, 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 or inability to complete

the Transaction on the terms as proposed, failure to obtain the required approvals of the Aurania’s shareholders and regulators, 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 the indigenous communities, 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, 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 presentation are reasonable, undue reliance should not be placed on such information, which

only applies as of the date of this presentation, 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. The technical

information contained in this presentation has been verified and approved by Aurania's Chief Geologist, Jean-Paul Pallier, a designated EurGeol by the European Federation of

Geologists and "Qualified Person" for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

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Investment Highlights

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Exploration Potential: Ecuador

Exploration Techniques Management Experience

FRUTA DEL NORTE

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Opportunity: The Ecuadorian Gap

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Ecuador

Economic gold and copper mineral deposits along the Andes mountain range in South America

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Discoveries Filling the Gap

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• Ecuador: Prioritizing and incentivizing mining

• Majors arriving in Ecuador

Project Area

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Ecuador: Major Mines Being Built

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Ecuador’s Minister of Mines Signing Investment Protection Agreement with Lundin Gold for Development of the Fruta del Norte Gold Deposit. December 21st, 2016.(80 km from The Lost Cities – Cutucu Project)

Mirador Copper Deposit by Tongling Non Ferrous Metals Group & China Railway Construction Corp. JV

Under construction(60 km from The Lost Cities – Cutucu Project)

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Epithermal Gold

Gold Skarn

Copper Porphyry

Management Team’s Past Discoveries

Favourable Geology

Cordillera de CutucuDiscovery PotentialA Geological Extension of the Cordillera del Condor

Fruta del Norte7.4 Moz Gold (M&I), 2.1Moz (inf)

Mirador5.9 Blbs Copper, 2.7 Moz Gold (M&I) 2.7 Blbs Copper (Inf)

San Carlos8.5 Blbs Copper (Inf)

Panantza6.7 Blbs Copper (Inf)

Warintza1.8 Blbs Copper (Inf)

Nambija3 Moz Gold officially produced

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Major Gold Deposits: Cordillera del Condor

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Nambija Deposit: Officially Reported Production - Source: Company Websites

0

1

2

3

4

5

6

7

8

9

10

Fruta delNorte

SantaBarbara

Mirador Nambija Jerusalem Los Cuyes Soledad

Gold Resources of Over 1 Million Ounces

Measured & Indicated Inferred

NI4

3-10

1 G

old

Reso

urce

s (M

oz)

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Major Copper Deposits: Cordillera del Condor

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0

1

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Mirador San Carlos Panantza MiradorNorte

Warintza Santa Barbara El Hito

Copper Resources of Over 1 Billion Pounds

Measured & Indicated Inferred

NI4

3-10

1 Co

pper

Res

ourc

es (B

lbs)

Source: Company Websites

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• Nambija3 Moz Gold

• Fruta del Norte7.4 Moz Gold (M&I)

• Mirador5.9 Blbs Copper, 2.7 Moz Gold (M&I)

• San Carlos8.5 Blbs Copper (Inf)

• Panantza6.7 Blbs Copper (Inf)

If applied to Cordillera del Condor

Proven Exploration Approach

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Implementation at Cutucu

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• 12 targets - some coincide with historic locations

• Pull-apart basins analogous to Fruta del Norte gold deposit

• 16th Century mining centres Logroño de los Caballeros & Sevilla del Oro

• To refine drill targets

• Started in August, expect epithermal gold and porphyry copper targets

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Layer 1: Historic Records - The Lost Cities

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This Project was initiated in 1998 after Dr.Barron met Professor Octavio Latorre in Quitothrough serendipitous circumstances. Prof.Latorre had been engaged by the Governmentof Ecuador in the 1980’s to examine historicalarchives for mentions of “lost” gold mines,after Nambija was “rediscovered” by two boyshunting wild pigs in the forest in 1981.

Nambija had been an underground mine of theConquistadors which was abandoned in 1603after a smallpox epidemic killed the labourforce. In a 2000 publication, the EcuadorianGovernment stated that Nambija had “on therecord” produced 2.7 million oz of Au thoughconceding that much production had goneundocumented. The government hadpresumed that if other lost mines could belocated they could be exploited in a technicallysound and responsible manner. After thegovernment left office, Professor Latorrecontinued the archival search on his own.

Nambija in 1993

When Latorre met Dr. Barron in 1998, he was on the hunt for the 2remaining Lost Cities, Logroño de los Caballeros and Sevilla delOro, both of which were considered by contemporary historians tobe the “richest in the Spanish Indies”. More than 10 years ofsearching in archives around the world has led us to concludethat the sites are within the Cordillera de Cutucu. Consequently208,000 hectares were staked to ensure that we have the goldsettlements and their satellites under our control.

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Historic Timeline – The Lost Cities

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Logroño de losCaballerosfounded by Don Juan de

Salinas y Bernardo de

Loyola

• Destroyed and re-established by his nephew Loyola

• Sevilla del Oro founded near Logroño de los Caballeros

• Daily attacks by the Jibaro Indians

• Governor Juan Alderete in 1582 said 30,000 pesos of gold

were mined in the first year (4,100 troy

ounces)

Destroyed

The last mention in contemporary

documents –abandoned?

Last attempt to restore it to the Crown

1564 1575/1576 1582 1594 1605 1616 2003 2006 2017

Keith Barron starts historical

research

Fruta del Norte is discovered

12 years of historical

research lead the way to geophysics

Potential 2nd Discovery?

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Historic Records – The Lost Cities

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LOGROÑO IS CONSIDERED IN CONTEMPORARY WRITINGS AS THE RICHEST

GOLD MINE IN THE SPANISH EMPIRE

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Featured in several industry news channels: The Northern Miner, Kitco, Mining Weekly, Mining.com, INN, CEO.ca, etc.

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Historical Research Conducted at the General Archive of the Indies in Spain

The Seville Archives host thousands of highly importantdocuments to the history of South America, includingoriginal letters from Christopher Columbus.

After 1771, all the Archives pertaining to the SpanishCrown were moved to the General Archives of theIndies to be preserved in one place. This is where mostof the Lost Cities – Cutucu Project historical researchhas been found.

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Original Compendium and Description of the West Indies1628 – Vatican Apostolic Library

Dr. Barron at the Vatican Apostolic Library, Vatican City

Key Document Found at the Vatican Apostolic Library in Vatican City

Antonio Vazquez de Espinosa, a Carmelite friar in the1600’s, spent 22 years in the “New World” (currentlySouth America) and produced the “Compendio ydescripción de las Indias Occidentales”.

This book contains history, geography, ethnology,anthropology, botany, and most importantly, detaileddescriptions of Logroño de los Caballeros and Sevilladel Oro.

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10km

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Layer 2: Satellite Imagery• 12 target areas defined• 2 of these areas coincide with the

historical research from Layer 1• 5 pull-aparts similar to Fruta del

Norte location have been identified

Pull-apart basins

Fruta del Norte pull-apart shown at the same scale as

the Cutucu map

Fruta del Norte gold deposit

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Layer 3: Airborne Geophysics - Magnetics

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Example of ground magnetic survey along data from the Fruta del Norte area in the Cordillera del Condor 80kms south of The Lost Cities – Cutucu Project

Low magnetic intensity

coincides with Fruta del Norte

Deposit

Highly magnetic areas

are copper porphyries

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The Lost Cities – Cutucu survey helicopter with magnetic sensor on red-tipped boom projecting from front of the aircraft

Magnetic Survey Underway

Survey underway on The Lost Cities –Cutucu Project

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Layer 4: Stream Sediment Sampling

Sampling underway in The Lost Cities – Cutucu Project area

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Capital Structure

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Shares Outstanding 27,335,625

Warrants 1,600,445

Options 2,315,000

Fully Diluted 31,251,070

Insiders61%

Others39%

ARU Shareholder Base

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Board of Directors

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Keith BarronPh.D.CEO and Chairman

Richard SpencerPh.D., P.Geo., C.Geol.President and Director

Gerald HarperPh.D., P.Geo.Director

Marvin KaiserRetired CFODirector

Elaine EllinghamM.Sc., MBA, P.Geo.Director

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Management

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Monica OspinaM.Sc.Head of CSR

Keith BarronPh.D.CEO and Chairman

Richard SpencerPh.D., P.Geo, C.Geol.President and Director

Donna McLeanB.A.CFO

Jean Paul PallierM.Sc., EurGeol.VP Exploration

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Conclusion

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• Cutucu is a geological extension of an extremely rich mineral belt

• Cutucu is underexplored with modern techniques

• Management: impressive track record of discovery along trend

• News flow:– Geophysics completion Q3/2017– Sediment sampling started August, 2017 – Completion Q4/2018– Targets likely to be identified by combination of historic, satellite and

geophysical data – to be followed up by focused, dedicated teams whilestream sediment sampling continues

– Drilling of initial targets expected H2/2018

Prime Discovery Potential

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Contact Us

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Corporate Office

8 King Street East, Suite 1010Toronto, ON M5C 1B5, Canada(416) 367-3200ir@aurania.com

Dr. Richard Spencer, President and Directorrichard@aurania.com

Donna McLean, Chief Financial Officerdonna@aurania.com

Dr. Keith Barron, CEO and Chairmankeith@aurania.com

Social Media

@AuraniaLtd

@AuraniaLtd

Aurania Resources

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Watch our Video Series!at www.Aurania.com/media

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