Wednesday, May 29, 2024
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Raising our rating to Outperform. With two tranches of its recently announced equity financing closed, Aurania is well positioned to execute its 2024 exploration program and secure a joint venture or strategic partner to advance its project in Ecuador. To date, Aurania’s exploration and drilling activities have underscored the project’s rich mineral potential for epithermal gold, porphyry copper, sediment-hosted copper-silver and silver-zinc mineralization.
Private placement financing. Aurania Resources closed the first and second tranches of its private placement of up to 20,000,000 units for gross proceeds of up to C$4,000,000. In aggregate, 15,094,112 units were sold at a price of C$0.20 per unit for total gross proceeds of C$3,018,822.40. The company expects to close the third and final tranche soon. The proceeds will fund exploration and target refinement at the Kuri-Yawi target area in Ecuador, along with general working capital needs.
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