Aurion Gives Notice of Exercise of Option to Repurchase Royalties on Major Properties

ST. JOHN'S, NL, Aug. 16, 2023 /CNW/ - Aurion Resources Ltd. (TSXV: AU) (OTCQX: AIRRF) ("Aurion" or the "Company") announces that, further to its news releases dated May 31, 2023, July 10, 2023, and July 31, 2023, it has given Dragon Mining Ltd. ("Dragon") notice (the "Notice") of its intent to exercise the option to acquire and eliminate all encumbrances on the Kutuvuoma and Silasselkä properties (the "Option") for a total consideration of €5,000,000.

The Notice stated that Aurion will, on the date that it exercises the Option (the "Closing"), pay Dragon €5,000,000, as follows:

• €4,000,000 in cash, of which B2Gold Corp. has agreed to contribute €3,500,000 (see press release dated July 31, 2023); and
• €1,000,000 in Aurion common shares ("Shares"). A total of 2,415,410 Shares will be issued, based on the 10-day volume-weighted average price of CAD$0.61/Share and a EURCAD exchange rate of 1.4734. The Shares will be subject to a statutory hold period of four months from Closing.

Upon exercising the Option, Aurion will acquire and eliminate all remaining encumbrances on the Kutuvuoma and Silasselkä properties, including a 3% Net Smelter Return (NSR) Royalty on both properties.

Aurion anticipates that Closing will occur on September 8, 2023, and will make an announcement following Closing.

Aurion is a well-funded, Canadian exploration company listed on the TSX Venture Exchange (TSX-V: AU) and the OTCQX Best Market (OTCQX: AIRRF). Aurion's strategy is to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion's current focus is exploring on its flagship Risti and Launi projects, as well as advancing its joint venture properties with B2Gold and Kinross in Finland.

On behalf of the Board of Directors,
Matti Talikka, CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Aurion Resources Ltd.