Aurion Resources — Investor Presentation (November 2025)
42 slides from Aurion Resources's investor presentation, November 2025
Slide 1: Discovering the Next Major Gold Camp
TSXV: AU; OTCQX: AIRRF DISCOVERING THE NEXT MAJOR GOLD CAMP Corporate Presentation November 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: New Discoveries, Partnerships, First Class Jurisdiction
New Discoveries Partnerships Risti Property, 100% Owned Kinross Investments Aamurusko – 789.00 g/t Au over 2.90 m 10% shareholder Kaaresselkä – 4.42 g/t Au over 32.55 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 ▪ 161.9 M shares / 10.3 M options/ 6.7 M warrants ▪ Market Cap: ~C$161.9 M (As of Nov 14, 2025) ▪ Well-Funded: ▪ Working Capital ~C$4.1 M as of Jun 30, 2025 ▪ C$9.3 M strategic investment closed Sep 3, 2025 ▪ Kinross to maintain ownership position Sep 5, 2025 Major Sh
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 ▪ JV: B2Gold 70%, Aurion 30% ▪ Large land package ~293 km2 ▪ Multiple discoveries: ▪ Helmi ▪ Kutuvuoma ▪ Vuoma Aamurusko (100% Aurion) ▪ Sinermä 789.06 g/t Au / 2.90 m ▪ Kettukuusikko 42.28 g/t Au / 4.00 m 9.42 g/t Au / 28.22 m ▪ Tuongankuusikko 23.41 g/t Au / 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 100 m 100 m 100 m 100 m GTK: 3,118.00 m, 1989-2003 Tertiary: 1,116.80 m, 2003-2016 100 m 100 m 100 m 100 m Aurion: 13,011.10 m, 2020-2025 Total: 17,245.90 m 19
Slide 20: Risti – Kaares, Vanha – Growing Mineralized System
Risti – Kaares, Vanha – Growing Mineralized System Vanha Prospect, 2022-2025 drilling: ▪ Total 13,011.10 m ▪ Numerous gold intercepts: ▪ 4.43 g/t Au / 32.55 m (KS25111) ▪ 2.38 g/t Au / 56.55 m (KS22027) ▪ 7.92 g/t Au / 13.60 m (KS25097) ▪ 31.90 g/t Au / 3.10 m (KS24079) ▪ 8.08 g/t Au / 6.75 m (KS240
Slide 21: Risti – Kaares, Vanha – Cross-Section
Risti – Kaares, Vanha – Cross-Section 1,400+ m strike length, open in multiple directions 21
Slide 22: Risti – Kaares – Mineralized System Open in Multiple Directions
Risti – Kaares – Mineralized System Open in Multiple Directions B Kaares 2022-2025 drilling: 4.42 g/t Au / 32.55 m 2.38 g/t Au / 56.55 m A 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 1.71 g/t Au / 22.00 m 8.11 g/t
Slide 23: 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 23
Slide 24: 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 24
Slide 25: Risti – Kaares, Vanha – Mineralization Style
Risti – Kaares, Vanha – Mineralization Style 4.42 g/t Au over 32.55 m from 267.80 m 25
Slide 26: 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 27: 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 27
Slide 28: Risti – Free-Milling Gold and Excellent Recoveries
Risti – Free-Milling Gold and Excellent Recoveries ▪ Kaaresselkä samples – 93.6-96.1% gold recovery from bottle roll leaching test Sample Kaaresselkä 2 ▪ Aamurusko samples – 94.2-99.9% gold recovery from bottle roll leaching test ▪ Rapid leaching – Near maximum recoveries achieved after 10 hours of
Slide 29: 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$12 M wi
Slide 30: Management and Board
Management and Board Chairman – David Lotan, CPA, CA ▪ President of LHI, an investment company focused on natural resource opportunities ▪ Founder and CEO of the Polar Structured Products – sold to major Canadian Financial Institution ▪ Portfolio manager for the Ontario Teachers’ Pension Plan CEO an
Slide 31: Opportunity – Closing the Valuation Gap
Opportunity – Closing the Valuation Gap Compared to peers Aurion trades at a discount ▪ Early-stage exploration ▪ Large land package ▪ High-grade gold ▪ Established mining jurisdiction Share Price (C$) $6.46 $12.22 $7.09 $5.49 $4.80 $7.15 $2.86 $4.22 $2.71 $2.82 $0.68 $1.00 $0.47 $1.25 $0.08 $0.44 B
Slide 32: Aurion Resources Emerging Gold Camp Multiple Value Drivers
Aurion Resources Emerging Gold Camp Multiple Value Drivers Tier 1 Jurisdiction Positioned to Execute 32
Slide 33: Appendices
Appendices
Slide 34: Exploration is Volatile – TSXV: a 30 Year Perspective
Exploration is Volatile – TSXV: a 30 year Perspective Source: Stockwatch 34
Slide 35: Necessity....
Necessity.... Market Loss 1 Week After Bad News Source: Tradingview, Stockwatch and S&P Capital IQ 35
Slide 36: Producers are Acquiring
Producers are Acquiring M&A Transactions Since 2016 ▪ CAD$101.2 B of Deals ▪ CAD$773 M Average Source: GoldDiscovery.com 36
Slide 37: New Discoveries Generate Outsized Returns
New Discoveries Generate Outsized Returns 37
Slide 38: New Discoveries Generate Outsized Returns
New Discoveries Generate Outsized Returns 38
Slide 39: 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 40: 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 41: 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 42: For Further Information Visit: www.aurionresources.com
For Further Information Visit: www.aurionresources.com Or Contact: msantarossa@aurionresources.ca
Aurion Resources — Investor Presentation (November 2025) on 6ix