Aurania Resources Ltd. provide an update of activities at its Lost Cities - Cutucu project in southeastern Ecuador (the "Project"). Scout Drilling: The Company had two drills operating: one at the Tsenken N1 target and the other at Tiria-Shimpia. Tsenken N1 (sediment-hosted copper-silver target): Boulders of sediment-hosted copper-silver have been found over a distance of 25km in the Project area and drilling is currently focused on the Tsenken N1 target area where six holes have been completed: two holes totaling 1,755m were drilled in the first quarter of 2021 (Q1), three in Second Quarter (1,176m) and one has been drilled subsequent to quarter-end. A seventh hole is underway; Tiria Shimpia (silver-zinc-lead target): Silver-zinc mineralization has now been found over an area that is 22km long. Drilling of the first scout hole started immediately after quarter-end. Three scout drill holes have been completed for a total of 1,018m. Hole 4 is in a different location than holes 1-3 and will require the installation of a new drill camp. A recent outbreak of COVID-19 in the community nearest the next drill camp will delay the start of drilling on hole 4 until the latter part of the month. Sediment-Hosted Copper-Silver: Exploration drilling at Tsenken N1 (TSN1) initially focused on copper beneath a seal in the red-bed sequence. Drilling showed that the permeability of the red-beds beneath the seal was too low to allow the accumulation of significant quantities of copper and therefore focus shifted to the lower part of the sedimentary sequence as the primary target for copper mineralization in holes TSN1-006 and TSN1-007. Hole TSN1-007 intersected a bleached layer in the red-bed sequence at a depth of 157m down-hole. Copper mineralization is present as green malachite (copper carbonate) and black tenorite (copper oxide). This layer is the depth-extension of a mineralization that assayed 1.9% copper and 3 grams per tonne ("g/t") silver at surface. Assay results of the bleached, mineralized layer are awaited. These drill holes have hit key components of sediment-hosted copper systems; salt in hole TSN1-006 and evaporite, an essential source of sulphur for the precipitation of copper sulphides, in TSN1-007. TSN1-007 is currently at a depth of 700m in pyrite-rich limestone. Copper mineralization lies beneath similar pyrite- rich zones in many parts of the Kupferschiefer and Central African Copperbelt - and hence they have decided to continue the hole to test for copper sulphides in the sediments beneath the pyrite zone. Carbonate-Replacement Silver-Zinc Targets: Holes SH-001 and SH-002 intersected more mineralized layers than were expected from the outcrop sampling, although the grade of mineralization appears to be lower than what has been observed in outcrop. Logging of core from hole SH-003 shows that the 20m thick layer of mineralization observed at surface has been intersected but is expected to be low-grade (assays are pending). During the COVID-induced break in drilling, geologists will review the drill core to find vectors that could point towards high-grade areas. While the drilling was being done in one part of the 22km long target area, soil sampling was undertaken in a different area and results are awaited. Epithermal Targets for Gold-Silver: Drilling on the epithermal gold-silver systems will recommence later this year while Management refines and prioritizes various targets that continue to emerge in the southwestern part of the Project area.