Aurion Resources — Investor Presentation (May 2025)
40 slides from Aurion Resources's investor presentation, May 2025
Slide 1: Discovering the Next Major Gold Camp
TSXV: AU; OTCQX: AIRRF DISCOVERING THE NEXT MAJOR GOLD CAMP Corporate Presentation May 2025
Slide 2: Forward-Looking Information
Forward-Looking Information This presentation may contain "forward-looking information" (as defined in applicable Canadian securities legislation). Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect",
Slide 3: Discovering the Next Major Gold Camp
New Discoveries Partnerships Risti Property, 100% Owned Kinross Investments Aamurusko – 789.00 g/t Au over 2.90 m 10% shareholder Kaaresselkä – 2.38 g/t Au over 56.55 m Earning in on Launi East JV with B2Gold Helmi – 2.05 g/t Au over 77.50 m JV with B2Gold Vuoma – 28.64 g/t Au over 4.90 m 70% B2Gold
Slide 4: Ownership and Capital Structure
Ownership and Capital Structure ▪ 149.5 M shares / 9.36 M options/ 814 K broker warrants ▪ Market Cap: ~C$122.8 M (As of Apr 25, 2025) ▪ Well-Funded: ▪ Working Capital ~C$7.44 M as of Dec 31, 2024 Major Shareholders: Analyst Coverage: Eric Sprott 4
Slide 5: Finland – A Top Jurisdiction with Untapped Potential
Finland – A Top Jurisdiction with Untapped Potential Total Resources of the known orogenic Size comparison of the CLGB to Norseman-Wiluna, gold deposits in greenstone belts Abitibi, and Zimbabwe Craton greenstone belts Zimbabwe Craton ~40Moz Norseman – Wiluna ~75Moz Abitibi ~85Moz Central Lapland <1
Slide 6: Finland – Like Discovering Timmins 110 Years Ago
Finland – Like Discovering Timmins 110 Years Ago 6
Slide 7: Value From Multiple Opportunities
Value From Multiple Opportunities B2Gold JV • Helmi discovery: 2.05 g/t Au over 77.5 m • Multiple gold prospects • Next to the 4+ Moz Ikkari deposit by Rupert Resources Risti • 100% ownership • High-grade, near surface discoveries • Multiple gold prospects Kinross Earn-in - Launi East • Numerous gol
Slide 8: Emerging Gold Camp – Over 20 Discoveries Since 2016
Emerging Gold Camp – Over 20 Discoveries Since 2016 Pre 2016 Today Pahtavaara Pahtavaara Kutuvuoma Kutuvuoma Ikkari Helmi Aamurusko Vuoma Kaaresselkä Aurion 100 % owned properties Aurion-B2Gold JV property Kinross Option 8
Slide 9: Joint Venture – B2Gold
Joint Venture – B2Gold
Slide 10: JV with B2Gold – Multiple Discoveries
JV with B2Gold – Multiple Discoveries Sore 26.45 g/t Au / 2.45 m 1.74 g/t Au / 14.10 m 1.05 g/t Au / 40.70 m ▪ JV: B2Gold 70%, Aurion 30% 1.33 g/t Au / 17.90 m Kettukuusikko 4.33 g/t Au / 20.4 m ▪ Large land package ~293 km2 1.25 g/t Au / 31.4 m Sinermä 0.54 g/t Au / 40.2 m ▪ Multiple discoveries: 1
Slide 11: Rupert Resources - US$1.7 Billion Ikkari Project
Rupert Resources - US$1.7 Billion Ikkari Project May 12, 2020 – Ikkari Discovery ▪ Reserves and Resources: 3.49 Moz Proven and Probable Reserves, within 4.09 Moz Indicated Resources plus 0.136 Moz Inferred Resource (Feb 14, 2025) ▪ Prefeasibility Study: After-Tax NPV(5%) of US$1.68 B and IRR of 38%
Slide 12: JV with B2Gold – Helmi Discovery
JV with B2Gold – Helmi Discovery 12
Slide 13: JV with B2Gold – Helmi Discovery
JV with B2Gold – Helmi Discovery Ikkari (Rupert Resources Ltd.) 3.49 Moz Probable Reserve PFS: After-tax NPV(5%) US$1.7B, IRR of 38% at US$2,150/oz Au (PR February 18, 2025) Helmi 2.05 g/t Au / 77.50 m 2.44 g/t Au / 43.45 m 1.44 g/t Au / 67.20 m 1.84 g/t Au / 52.40 m ▪ Discovered in late 2021 Highli
Slide 14: JV with B2Gold – Kms of Prospective Structural Corridors
JV with B2Gold – Kms of Prospective Structural Corridors Sore 26.45 g/t Au / 2.45 m Ikkari (Rupert Resources Ltd.) 1.74 g/t Au / 14.10 m 3.49 Moz Probable Reserve 1.05 g/t Au / 40.70 m PFS: After-tax NPV(5%) US$1.7B, Kutuvuoma IRR of 38% at US$2,150/oz Au Kettukuusikko 16.47 g/t Au / 11.00 m (PR Feb
Slide 15: 100% Property: Risti
Gqmi@eMee 100% Property: Risti
Slide 16: Gold Mineralization Controlled by Structures
Gold Mineralization Controlled by Structures Sore 26.45 g/t Au / 2.45 m 1.74 g/t Au / 14.10 m 1.05 g/t Au / 40.70 m 1.33 g/t Au / 17.90 m Kettukuusikko 4.33 g/t Au / 20.4 m 1.25 g/t Au / 31.4 m Sinermä 0.54 g/t Au / 40.2 m 1.07 g/t Au / 42.4 m (Trench) Kutuvuoma 16.47 g/t Au / 11.0 m 11.37 g/t Au /
Slide 17: Risti Property – 100% Aurion – Multiple Discoveries
Risti Property – 100% Aurion – Multiple Discoveries Ikkari (Rupert Resources Ltd.) 3.49 Moz Probable Reserve PFS: After-tax NPV(5%) US$1.7B, IRR of 38% at US$2,150/oz Au (PR February 18, 2025) Planned Open Pit Helmi 2.05 g/t Au / 77.50 m 2.44 g/t Au / 43.45 m 1.44 g/t Au / 67.20 m Aamurusko Main: 78
Slide 18: Risti Property – Rock and Base of Till Samples
Risti Property – Rock and Base of Till Samples Ikkari (Rupert Resources Ltd.) 3.49 Moz Probable Reserve PFS: After-tax NPV(5%) US$1.7B, IRR of 38% at US$2,150/oz Au (PR February 18, 2025) Planned Open Pit Helmi 2.05 g/t Au / 77.50 m 2.44 g/t Au / 43.45 m 1.44 g/t Au / 67.20 m Aurion- B2Gold JV Risti
Slide 19: Risti – Kaares, Vanha – Growing Mineralized System
Risti – Kaares, Vanha – Growing Mineralized System Press release Sep 9, 2024 Press release Jan 13, 2025 Press release Feb 24, 2025 Vanha Prospect, 2022-2025 drilling: ▪ 29/30 drill holes (6,750 m) intersected gold including: ▪ 2.38 g/t Au / 56.55 m (KS22027) ▪ 7.92 g/t Au / 13.60 m (KS25097) ▪ 31.90
Slide 20: Risti – Kaares, Vanha – Cross-Section
KS22027 Risti – Kaares, Vanha – Cross-Section 850+ m strike length, open in multiple directions 20
Slide 21: Risti – Kaares – Mineralized System Open For Growth
Risti – Kaares – Mineralized System Open For Growth Kaares 2022-2025 drilling: 7.92 g/t Au / 13.60 m 2.38 g/t Au / 56.55 m incl. 57.60 g/t Au / 1.00 m 7.92 g/t Au / 13.60 m 31.90 g/t Au / 3.10 m 72.40 g/t Au / 0.85 m 8.08 g/t Au / 6.75 m 2.96 g/t Au / 16.25 m 3.63 g/t Au / 11.35 m 8.11 g/t Au / 4.30
Slide 22: Risti – Kaares, Vanha – Mineralization Style
Risti – Kaares, Vanha – Mineralization Style Mineralization at Kaares resembles Helmi (Aurion-B2Gold JV) and Kaares Ikkari (Rupert Resources) discoveries. 24.3 g/t Au 8.08 g/t Au over 6.75 m from 186.95 m 11.4 g/t Au Helmi (Aurion –B2Gold JV) 4.1 g/t Au 22
Slide 23: Risti – Kaares, Vanha – Mineralization Style
Risti – Kaares, Vanha – Mineralization Style 7.92 g/t Au over 13.60 m from 162.10 m including 57.60 g/t Au over 1.00 m from 168.35 m 23
Slide 24: Risti – Aamurusko
Aamurusko NW. Gap Zone Aamurusko Main . . © 9.42 g/t Au over 28.22 m 4.64 g/t Au over 3.10m 789.06 g/t Au over 2.90m Risti _- Aamurusko = 23.41¢/t Au over 11.10m 1.69 g/t Au over 7.75m © 42.28 g/tAu over 4.00m = 6.84 g/t Auover 19.00 m 8.63 g/t Au over 0.75 m 24.50 g/t Au over 4.75 m 1.55 g/t Au ove
Slide 25: Risti – Aamurusko
Risti – Aamurusko ▪ 80% of holes intersected over 1.0 g/t Au ▪ 51% of holes intersected over 3.0 g/t Au ▪ 31% of holes intersected over 10.0 g/t Au 1 km 25
Slide 26: Risti Property – Generative Programs in 2024
Risti Property – Generative Programs in 2024 Ikkari (Rupert Resources Ltd.) 3.49 Moz Probable Reserve PFS: After-tax NPV(5%) US$1.7B, IRR of 38% at US$2,150/oz Au (PR February 18, 2025) Planned Open Pit Risti Property Helmi 2.05 g/t Au / 77.50 m Aamurusko Main: 2.44 g/t Au / 43.45 m 1.44 g/t Au / 67
Slide 27: KoBold Metals Earn-in on Critical Minerals
KoBold Metals Earn-in on Critical Minerals ▪ KoBold Project Area 35 km2, Risti total 160 km2 ▪ Split commodity approach ▪ Aurion retains full ownership rights over areas where the predominant mineral in a discovery is gold or silver ▪ KoBold right to earn on other commodities ▪ Earn-in: ▪ US$12 M wi
Slide 28: Management and Board
Management and Board Chairman – David Lotan, CPA, CA ▪ President of LHI, an investment company focused on natural resource opportunities ▪ Founder and CEO of the Polar Structured Products – sold to major Canadian Financial Institution ▪ Portfolio manager for the Ontario Teachers’ Pension Plan CEO an
Slide 29: Opportunity – Closing the Valuation Gap
Opportunity – Closing the Valuation Gap Compared to peers Aurion trades at a discount ▪ Early-stage exploration ▪ Large land package ▪ High-grade gold ▪ Established mining jurisdiction Share Price (C$) $8.16 $4.58 $3.03 $3.30 $2.94 $4.56 $1.57 $1.02 $0.83 $0.43 $0.36 $0.06 $0.32 Basic Shares O/S (M)
Slide 30: Aurion Resources Emerging Gold Camp Multiple Value Drivers
Aurion Resources Emerging Gold Camp Multiple Value Drivers Tier 1 Jurisdiction Positioned to Execute 30
Slide 31: Appendices
Appendices
Slide 32: Exploration is Volatile – TSXV: a 30 Year Perspective
Exploration is Volatile – TSXV: a 30 year Perspective Source: Stockwatch 32
Slide 33: Necessity....
Necessity.... Market Loss 1 Week After Bad News Source: Tradingview, Stockwatch and S&P Capital IQ 33
Slide 34: Producers are Acquiring
Producers are Acquiring M&A Transactions Since 2016 ▪ CAD$79.1B of Deals ▪ CAD$783M Average Source: GoldDiscovery.com 34
Slide 35: New Discoveries Generate Outsized Returns
New Discoveries Generate Outsized Returns 35
Slide 36: New Discoveries Generate Outsized Returns
New Discoveries Generate Outsized Returns 36
Slide 37: Creating Value Through M&A
Creating Value Through M&A ▪ A significant amount of value has been created for shareholders of drill bit stories ▪ The return on invested capital (exploration dollars spent) to shareholders has been about 10x in advanced exploration companies Pre-Resource Precedent Acquisitions Deal Deal Premium Go
Slide 38: Creating Value Through M&A
Creating Value Through M&A ▪ A significant amount of value has been created for shareholders of drill bit stories ▪ The return on invested capital (exploration dollars spent) to shareholders has been about 10x in advanced exploration companies Precedent Transactions Deal Deal Exploration Project Val
Slide 39: Multiple Bidders – Shareholders Win
Multiple Bidders – Shareholders Win Shandong Acquisition of Cardinal Resources • Mar 16, 2020: Receives non-binding bid for A$0.45775 per share from Nord Gold • Jun 18, 2020: Receives All-Cash offer by Shandong for A$0.60 per share • Jan 13, 2021: Shandong acquires Cardinal for A$1.075 per share Tot
Slide 40: For Further Information Visit: www.aurionresources.com
For Further Information Visit: www.aurionresources.com Or Contact: msantarossa@aurionresources.ca