Aurania Commences Drill Program at Thor's Valley Gold Project in Iceland

Toronto, Ontario--(Newsfile Corp. - September 8, 2026) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") is pleased to announce that drilling has commenced at the Thormodsdalur gold project ("Thor's Valley" or the "Project") in Iceland. Aurania has engaged a Finland-based drilling contractor - Arctic Drilling Company Oy Ltd - to carry out the program to diamond drill six holes for a total of approximately 770 metres at Thor's Valley. The program is expected to run for approximately one month and drill core samples will be sent for assaying. Highlights Drill program underway at the Thor's Valley epithermal gold project in Iceland Six drill holes planned with five twin holes to re-test historical intercepts under modern drilling and QA/QC practice and one hole to test a new target where numerous high-grade rock-chip boulder samples up to 102 ppm gold (Au) have been mapped at surface A previous operator drilled thirty-two holes totaling 2,431m at Thor's Valley which returned results up to 415.40 g/t Au [1] In 2020, Iceland Resources ehf drilled eleven drill holes totaling 1,780m with results of up to 113 g/t Au [1] Dr. Keith Barron, Chairman, President and CEO of Aurania, commented, "The Thor's Valley project is supported by a history of documented high-grade gold mineralization. Many of the structural targets remain largely untested by modern exploration methods. Amazingly, the drill location is only a 30-minute drive from downtown Reykjavik, the capital of Iceland. We are optimistic that our project could potentially replicate what was done in the 1920's; namely, produce "direct-shipping" siliceous ore that could be taken to the port by truck and thence sent by freighter to Scandinavia or Canada to be used as smelter flux. This would obviate the need for tailings containments or a mill. The famous Hishikari Gold Mine in Japan has been supplying Sumitomo with copper smelter flux for years. Precious metals are retrieved in the copper refining process. Thor's Valley is a low-sulphidation epithermal gold-silver system, and of the same type as Hishikari." Figure 1. Image of drill rig operating on site at the Thor's Valley epithermal gold project in Iceland. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2477/313334_62d8c9da841cb934_001full.jpg Figure 2. Location of drill holes for the 2026 program at Thor's Valley. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2477/313334_62d8c9da841cb934_002full.jpg Project Overview In April 2026 , Aurania entered into a definitive option agreement with St-Georges Eco-Mining Corp ("St-Georges") (CSE: SX), a Canadian incorporated mineral exploration company and its wholly owned subsidiary Iceland Resources ehf ("IR"), an Icelandic incorporated precious metals exploration company to work collaboratively to define and execute a phased exploration program aimed at advancing the Thor's Valley gold project, towards initial modern resource definition. The Thor's Valley project is held by IR and is located approximately 20 kilometres east of Reykjavík, the capital of Iceland. Thor's Valley is a historically known gold-bearing, low-sulphidation epithermal system that was initially discovered in 1903 when two Icelandic farm boys picked up pieces of white quartz from a stream, which proved to be gold-bearing. A number of ventures were organized from 1911 to 1924 using German or British capital. Two shafts were sunk and approximately 400 metres of lateral workings performed. As a result of this, the productive vein was estimated to be 1 metre wide and at least 1 kilometre long. Reported grades were 11 g/t to 315 g/t gold [1] . The ore was "direct shipping" and initially sent to Norway and later to Germany for treatment. There are no historic tailings on site. Perhaps significantly, the historical record indicates that the last operator, Arcturus, a German company, failed due to the Weimar hyperinflation rather than ore depletion. Between 2005 and 2006, the private exploration company Melmi ehf drilled 32 holes totaling 2,431m, which returned results up to 415.40 g/t Au. Melmi ehf was acquired by Iceland Resources in 2020, which completed eleven additional drill holes totaling 1,780m with results of up to 113 g/t Au [1] . [1] Refer to information regarding the Thormodsdalur project on Iceland Resources' website at www.icelandresources.is/thormodsdalur . Qualified Persons: The scientific and technical information contained in this news release has been reviewed and approved by Aurania's VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. About Aurania Aurania is a mineral exploration company engaged in the identification, evaluat