Business
Aurania Closes Option Agreement with St-Georges to Jointly Advance the Thor Epithermal Gold Project in Iceland
Toronto, Ontario--(Newsfile Corp. - May 8, 2026) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to announce that it has closed the previously announced option agreement (the "Agreement") dated April 27, 2026 (the "Execution Date") with St-Georges Eco-Mining Corp ("St-Georges") (CSE: SX), and its wholly owned subsidiary Iceland Resources ehf ("IR"), to work collaboratively to define and execute a phased exploration program aimed at...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - May 8, 2026) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to announce that it has closed the previously announced option agreement (the "Agreement") dated April 27, 2026 (the "Execution Date") with St-Georges Eco-Mining Corp ("St-Georges") (CSE: 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 ("Thor's Valley" or the "Project"), towards initial modern resource definition. Please see the Company's press release dated April 28, 2026 for further details on the Project and the Agreement.","length":813,"tagName":"p"},{"type":"text","content":"Pursuant to the terms of the Agreement, Aurania issued to St. Georges 988,359 common shares (the "Shares") at a deemed price per Share of C$0.2068 for a total value of C$204,375 (US$150,000). 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.","length":538,"tagName":"p"},{"type":"text","content":"To exercise the option to earn a 70% interest in the Project (the "First Option"), Aurania must incur exploration expenditures of US$5 million over four years as follows:","length":180,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"At least US$500,000 prior to the first anniversary of the Execution Date;","length":73,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"At least US$1,000,000 prior to the second anniversary of the Execution Date;","length":76,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"At least US$1,500,000 prior to the third anniversary of the Execution Date;","length":75,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"At least US$2,000,000 prior to the fourth anniversary of the Execution Date;","length":76,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":300,"olType":fal...