Aurania Resources Ltd. announced that it has completed the process of renewing certain annual mineral concession applications at its Vicus property in Peru (the "Property"). The Company selected concessions that have higher geological potential, where the application process has been completed and most of the concessions granted. In total, ninety-four concessions covering an area of 93,100 hectares were renewed and paid using an existing credit of USD 277,689 that the Company had with the Instituto Geologico Minero y Metalurgico or "INGEMMET".INGEMMET is the Peruvian scientific and management agency division of the Ministry of Energy and Mines.

Thirty-six concessions covering a total area of 35,600 hectares were not renewed by the Company. The credit can only be applied towards concession fees in Peru; it cannot be refunded as cash to Aurania. The renewal covers the period July 1, 2022 to June 30, 2023 for the Property and the next payment covering the period July 1, 2023 to June 30, 2024 is expected to occur prior to June 30, 2024.

Although the Company believes that many of the concessions in Peru remain prospective, management determined that the additional annual fees and other costs associated with the Property are not appropriate for a non-core asset. The Company will continue to pursue a potential partner and/or a possible corporate transaction for the Property. The stock options will be exercisable for three years and vest immediately.

Also, in accordance with the Company's Stock Option Plan, the Board of Directors granted a total of up to 1,990,000 stock options to directors, officers, employees and consultants. The stock options have an exercise price of CAD 0.33, are exercisable for five years and are subject to customary vesting conditions.