Aurion Resources : Financial Statements for the Period Ending Sep. 30, 2023 (MD&A)

Management's Discussion and Analysis

September 30, 2023

Background

This discussion and analysis of financial position and results of operations of Aurion Resources Ltd.(the "Company" or "Aurion") is prepared as of November 23, 2023, and should be read in conjunction with the condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, where necessary. All dollar figures included therein and in the following Management's Discussion and Analysis ("MD&A") are quoted in Canadian dollars unless otherwise indicated.

Additional information relevant to the Company's activities can be found on SEDAR at www.sedarplus.ca.

Forward-Looking Statements

Certain statements contained in the following MD&A constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Company Overview

Aurion is a Canadian exploration company listed on the TSX Venture Exchange (TSX-V:AU). 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 joint venture arrangements with Kinross Gold Corp., B2 Gold Corp., and Strategic Resources Inc. in Finland.

Aurion was incorporated under the Business Corporations Act (Alberta) on April 6, 2006, and was continued into British Columbia on August 10, 2018 under the Business Corporations Act (British Columbia). The Company was listed on the TSX Venture Exchange ("Exchange") on October 3, 2008. Aurion and its wholly-owned subsidiaries, Aurion Resources (US) LLC, Aurion Oy and FennoEx Oy are engaged in the evaluation, acquisition and exploration of mineral properties in Canada, the United States, and Finland respectively. The Company's primary focus is currently in Finland.

Nine Months 2023 Highlights and Significant Events:

• February 6, 2023: Aurion announced results from 14 drill holes (4,353 m) from the Aurion-B2Gold JV, including the discovery of new Gold-Copper mineralization along the Helmi-Kutuvuoma Trend:
  o New zone of mineralization 2 km west of the Helmi discovery:
• • 6.25 g/t Au over 6.00 m from 222.60 m; 0.26 g/t Au and 1.07% Cu over 12.80 m from 162.90 m (KUE22028).
  • 1.02 g/t Au and 1.84% Cu over 5.60 m from 97.40 m, 0.55 g/t Au and 1.16% Cu over 4.20 m from 105.80 m (KUE22033).
  • New mineralized zones located 2 km west of Helmi Main Zone and 4 km east of the Kutuvuoma Prospect (historic drill holes including 11.4 g/t Au over 13.3 m) along

the structural corridor.

1. Gold intercepts at the western part of the Helmi Discovery:
2. • 1.56 g/t Au over 24.80 m from 159.00 m (KUE22027)

1. Budget announced at $10.4 million for the Aurion-B2Gold JV for the year:
2. • Aurion is fully financed to contribute to maintain its 30% interest.

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• • Active winter drilling season is on-going with three drill rigs.
  • Exploration plans include a minimum of 10,500 m of diamond core drilling in various target areas including the Helmi discovery, the Kutuvuoma-Helmi structural corridor as well as scout holes within the extensive 331 km2 JV property.
• February 21, 2023: Aurion announced exploration results on its 100% owned Risti property, including 2.41 g/t Au over 56.55 m.
  o Three drill holes (557.6 m) were drilled into the Vanha of the Kaaresselka Prospect and seven scout holes (1,081.6m) were completed in the greater Kaares area in the southern part of Risti.
  o Drill hole KS22027, located at the eastern end of Vanha, returned:
• • 2.41g/t Au over 56.55 m from 95.75 m including 17.12 g/t Au, 0.55% Cu and 175 ppm Co over 5.90 m from 95.75 m (including 24.36 g/t Au and 0.75% Cu over 4.00 m) and 2.85 g/t Au over 7.45 m from 138.90 m.
  • Additional intervals include 1.43 g/t Au, 0.46% Cu and 175 ppm Co over 7.10 m from 37.35 m and 2.13 g/t Au over 2.75 m from 207.80 m.
  • One of the cobalt mineralized zones, 220 ppm Co over 29.70 m from 29.10 m, partly overlaps with gold and/or copper mineralized intervals.
  • The entire hole is within altered and deformed mafic volcanic rocks with local graphitic sediments. The hole ended in mineralization.

1. Drill hole KS22028, located at the eastern end of Vanha, was collared 22 m southwest of KS22027 to drill on the same section at a shallower angle and returned:
2. • 1.23 g/t Au, 0.56% Cu and 226 ppm Co over 5.90 m from 14.65 m, 0.66 g/t Au over 6.05 m from 44.00 m, 1.75 g/t Au over 2.50 m from 65.60 m and 0.26 g/t Au over

7.30 m from 76.95 m.

1. Drill hole KS22029, located at the eastern end of Vanha, was collared approximately 50 m west of KS22027 and returned:
2. • 0.66 g/t Au over 3.95 m from 46.50 m, 1.22 g/t Au, 0.13% Cu and 171 ppm Co over
   • 1. m from 92.50 m.
   • 2.27 g/t Au over 11.30 m from 124.10 m and 0.47 g/t Au over 17.00 m from
   • 1. m.
   • Cobalt mineralized zones, including 283 ppm Co over 14.85 m from 64.00 m and 190 ppm Co over 17.50 m from 92.50 m, partly overlap with gold and/or copper mineralized intervals.
   • The entire hole is within altered and deformed mafic volcanic rocks. The hole ended in mineralization.

1. Scout hole KS22021, located approximately 1.9 km NW of Vanha, intersected a new zone of mineralization with 1.40 g/t Au over 3.25 m from 79.40 m and 1.86 g/t Au over 3.40 m from

103.65 m. The scout hole was designed to test a gold in base of till anomaly on an interpreted structural feature from geophysical data sets.

1. Scout hole KS22022, located 1.2 km NW of Vanha, targeted a gold in base of till anomaly on an interpreted structural feature from geophysical data sets. The hole intersected a new area of gold mineralization with 0.42 g/t Au over 1.50 m from 83.60 m and 0.52 g/t Au over

1.10 m from 106.10 m.

1. Scout hole KS22023, located 1.2 km NW of Vanha, was drilled on section with KS22022 and

targeted a multi-element base of till anomaly on an interpreted structural feature from geophysical data sets. Hole KS22023 intersected a new area of gold mineralization with 0.87 g/t Au over 0.25 m from 187.10 m.

1. Scout hole KS22024, located 1.7 km NW of Vanha, targeted a multi-element base of till anomaly on an interpreted structural feature from geophysical data sets. Hole KS22024 intersected widespread Zn mineralization with a best interval of 1.50% Zn over 13.05 m from 95.75 m.

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• 1. Scout hole KS22025, located 400 m east of Vanha, targeted a gold in base of till anomaly on an interpreted structural feature from geophysical data sets, intersected 0.69 g/t Au over 2.00 m from 24.20 m and 0.31 g/t combined Pt and Pd over 29.80 m from 34.00 m.
• April 12, 2023: Aurion announced that it completed a marketed private placement (originally announced March 22, 2023) and a non-brokered private placement to Kinross Gold Corporation ("Kinross") for an aggregate of 12,151,730 common shares of the Company at a price of C$0.55 per Common Share for gross proceeds of C$6,683,452.
• 1. Under the marketed private placement, the Company issued 10,909,090 common shares for aggregate gross proceeds of C$6,000,000.

• 1. Under the Non-Brokered Financing, the Company issued 1,242,640 common shares for aggregate gross proceeds of C$683,452. The Non-Brokered Financing was fully subscribed for by Kinross Gold Corporation. Kinross exercised its pro rata right granted pursuant to a prior financing to maintain a 9.98% interest in the Company.
• May 8, 2023: Aurion reported drilling results for 6 holes from the winter drilling program on the Aurion-B2Gold JV along the Helmi-Kutuvuoma Trend. Highlights included:
• 1. A total of 8,000 m of diamond core drilling was completed during winter 2022/23 drill campaign.

1. Results were released for 1 hole (606.20 m) at Helmi and 5 scout holes (829.50 m) along the Helmi-Kutuvuoma trend.

1. At Helmi, Gold mineralization was confirmed at depth:
2. • Drillhole IKK22043 intersected 1.07 g/t Au over 57.30 m from 360.80 m, 9.72 g/t Au over 1.35 m from 333.25 m, 6.26 g/t Au over 0.55 m from 355.70 m, and 12.15 g/t Au over 0.40 m from 577.70.
   • The hole was a scissor hole to IKK22038, that returned 0.82 g/t Au over 108.10 m from 286.30 m.
   • The hole confirmed depth extensions and provided further information on the

geometry of one of the main mineralized lenses.

1. Helmi-KutuvuomaTrend - Further gold mineralized intervals were encountered:
2. • Along the Helmi-Kutuvuoma Trend, drill hole KUE22035, 2.6 km to the west of Helmi, returned multiple intervals of gold mineralization.
   • Results included 2.02 g/t Au over 0.70 m from 210.00 m, 1.36 g/t Au over 1.45 m from 213.40 m, 1.39 g/t Au over 1.75 m from 219.40 m, 2.61 g/t Au over 1.40 m from 228.80 m and 1.25 g/t Au over 2.30 m from 237.90 m.
   • The hole is located 250 m along strike from hole KUE22028 that intersected 6.25 g/t

Au over 6.00 m from 222.60 m and 0.26 g/t Au and 1.07% Cu over 12.80 m from 162.90 m (press release February 6, 2023).

• 1. Other widely spaced holes that tested geochemical and geophysical targets did not intersect significant gold mineralization or failed to reach the target depths.
• May 10, 2023: Aurion announced drilling results from the Aurion-B2Gold JV at the Sinermä prospect.
• 1. A total of 8,000 m of diamond core drilling was completed during winter 2022/23 drill

campaign.

1. Results were released for 16 holes (2,192.0 m) at the Sinermä prospect.

1. Sinermä is located approximately 29 km WNW of the Helmi Discovery and approximately

23 km SSE of Agnico Eagle's Kittilä Mine.

1. Gold was intersected in shallow drilling over 450 metres of strike length:
2. • Drill hole SIN23013 returned 0.65 g/t Au over 30.20 m from 3.40 m, including 5.09 g/t Au over 1.25 m.
   • Drill hole SIN23020 returned 0.54 g/t Au over 30.20 m from 3.80 m, including

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• 18.55 g/t Au over 0.40 m (SIN23020).

• All holes, except two (SIN23007 and SIN23014), returned at least some anomalous gold (≥0.1 g/t) values.

1. The drill program was designed to test new target areas and the potential extension of a gold

mineralized system identified in 2020 in the Sinermä area.

1. Previous results from trench channel sampling included 1.07 g/t Au over 42.40 m and 1.30 g/t Au over 20.80 m.

• 1. A four-hole diamond core drilling program, completed in 2020, returned 0.54 g/t Au over
  2. 1. m from 7.00 m (SIN20001), 4.11 g/t Au over 1.40 m from 13.50 m (SIN20002) and
     1. g/t Au over 0.75 m from 110.80 m (SIN20003), (see Press Release: January 13, 2021).
• May 23, 2023: Aurion announced that the Company had staked properties prospective for Gold and Critical Minerals in Northern Finland.
• 1. The properties cover over 1,000 km2 in northeastern Finland and are unexplored in an underexplored region.
  2. 
      Property package includes recently staked areas (two reservations) totaling 1,404.7 km2 and the Auermaa property comprised of 632.2 km2 in a reservation and two

exploration permit applications.

1. Gold prospects - Aurmavaara:
2. • The prospect has seen limited exploration, but surface sampling by Aurion has

returned from nil to 10.4 g/t Au in grab samples.

1. Lithium prospects - Geological terrain considered prospective for lithium-cesium-tantalum (LCT) pegmatites:
2. • Historic geologic mapping data includes numerous observations of pegmatites in outcrops and in boulders, but the area has not been explored for lithium despite numerous anomalous lithium values in regional scale till sampling by the GTK.
   • Within the property bounds, a total of 493 regional scale till samples were collected between 1976 and 1988 from widely spaced sampling with one sample approximately every 4 km2 (Regional till geochemistry data by the GTK).
   • Approximately 10% of the till samples returned values above 35 ppm Li, including 14 samples over 50 ppm Li to a maximum of 95.7 ppm Li and 35 samples ranging from 35 to 50 ppm Li. Cesium and tantalum were not included in the historic till

analysis by the GTK.

1. Phosphate and REE prospects - Properties cover part of the Sokli carbonatite complex. Historic drill intercepts in residuum of weathered bedrock include:
2. • 13.51% P2O5 and 5.03% total rare earth oxides (TREO) over 12.00 m from 2.00 m.
   • 8.53% P2O5 over 48.50 m from 23.10 m, including 14.79% P2O5 over 19.20 m from 23.10 m.
   • 7.15% P2O5 over 57.90 m from 6.55 m, including 11.81% P2O5 and 18.30% Fe2O3 over 22.75 m from 6.55 m.
   • 10.57% P2O5 over 22.90 m from 34.40 m.
   • Historic drill intercepts in fresh rock include: 4.23% P2O5 over 125.00 m from 54.00 m and 3.33% P2O5 over 189.40 m from 31.00 m.
   • Historic trench result: 10.42% P2O5 and 2.78% TREO over 39.10 m.

• 1. The Company plans to evaluate strategic options for the critical minerals opportunities.
• August 21, 2023: Aurion reported drilling results for 22 holes from the 2023 program on the Aurion- B2Gold operated by B2Gold, including the discovery of gold mineralization south of Helmi. Highlights included:
• 1. At Vuoma, six scout drill holes (1,206 m) were completed.

1. The Vuoma permit area is located in the southeastern part of the JV property, 2.7 km south of Helmi along the mainly untested, southern domain boundary that also hosts Aurion's

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Kaaresselkä Prospect, along similar structures that hosts the Helmi and Kaaresselkä discoveries.

• Drillhole IKK22043 was collared 2.7 km south of Helmi and drilled to the northeast.
• Several mineralized intervals were intersected in strongly deformed, sericite-chlorite-albite/K-feldspar altered Kumpu sandstone with local trace sulphides, and the intervals lie within ~60 m of the Savukoski/Kumpu contact.
• Intercepts include 0.73 g/t Au over 2.70 m from 65.70 m, 0.37 g/t Au over 15.50 m from 78.50 m including 0.49 g/t Au over 10.00 m from 81.20 m, 1.33 g/t Au over 8.30 m from 133.60 m and 1.33 g/t Au over 1.35 m from 171.40 m.
• This mineralization is a new discovery along the Savukoski/Kumpu contact on the southern margin of the basin. Notably, the hole also intersected ultramafic rocks containing magnetite-pyrite veinlets like those observed at Helmi where they carry gold.
• Drill holes VUO23004, VUO23005 and VUO23006 were collared approximately 2.7 km south-southwest of Helmi and drilled to the northeast. All three holes intersected anomalous gold (≥0.1 g/t) values hosted by various lithologies. The best individual

sample was from hole VUO23004 where 0.72 g/t Au over 1.40 m from 132.40 m was returned from sediments.

1. At Helmi, three drill holes (1,034 m) were completed to the east of the Helmi prospect, holes designed to test the eastern part of the Helmi corridor prospective package and the possibility of a mineralized shoot under the main Helmi mineralization.
2. • Drill hole IKK23044, collared as the easternmost hole along the Helmi corridor and drilled to the northwest, intersected low grade mineralization at the bottom of the hole close to the tenement boundary with Rupert Resources Ltd. The hole returned
   • 1. g/t Au over 0.80 m from 197.60 m and 0.40 g/t Au over 3.95 m from 201.80 m.
   • Drill hole IKK23045 was collared to the east of Helmi, 292 m west-northwest of IKK23044 and drilled to the southeast. The hole intersected several mineralized intervals including 1.00 g/t Au and 1.18% Cu over 5.00 m from 80.00 m, 0.37 g/t Au and 0.30% Cu over 5.05 m from 112.00 m, 1.04 g/t Au over 5.20 m from 220.55 m,
   • 1. g/t Au over 1.40 m from 308.70 m, 1.21 g/t Au over 9.20 m from 392.00 m and
     1. g/t Au over 1.00 m from 409.50m. The mineralized zones may represent the identification of additional mineralized shoots along the Helmi corridor.
   • Drill hole IKK23046 was collared to the east of Helmi, 177 m west-northwest of IKK23045 and drilled to the southeast. The hole intersected 1.24 g/t Au and 0.62% Cu over 4.45 m from 161.40 m. Due to technical difficulties the hole was abandoned short of the planned target depth, notably where signs of Helmi-style alteration and

strain began increasing within the ultramafic host package.

1. At, and in proximity to Kutuvuoma, eleven holes were completed, with varying degrees of success.
2. • Most holes intersected gold, the most significant result occurring in hole KU23011, collared 400 m southwest of the test pit and drilled to the northeast. The interval returned 0.99 g/t Au over 16.35 m from 258.20 m including 1.43 g/t Au over 10.45 m from 261.70 m. This intercept represents identification of a new mineralized zone

or shoot to the south of the previously identified mineralization. Hole KU23011 became stuck in a graphitic fault and was abandoned prior to target depth.

• 1. Regarding exploration plans for 2023, 4,500 m of drilling is planned for the second half, increasing the total drilling to over 12,500 m from the initially planned 10,500 m.
• August 23, 2023: Aurion announced that the Company signed an option agreement with Kinross
  Gold Corporation (TSX: K, NYSE: KGC); ("Kinross") on August 21, 2023, granting Kinross the right to earn up to an undivided 70% interest in the Launi East Property.

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1. The 42.74 km2, Launi East Property, is located to the southeast and adjacent to the Company's 100%-owned Risti Property.

1. Kinross can earn a 70% undivided interest in the Launi East Property by incurring a minimum of USD$10,000,000 in exploration expenditures on or before the seventh anniversary of the

agreement.

1. Subject to receiving all necessary permits for a drilling program, Kinross has agreed, as a firm obligation, to incur a minimum of USD$2,000,000 in exploration expenditures on, or before

the second anniversary of the agreement.

• 1. The Company also received formal notice from Kinross that the previous option agreement has been terminated on the Silaskaira Property. Aurion will regain full ownership of the property and related data.
• September 11, 2023: Aurion announced that the Company had completed the repurchase of net smelter return royalties ("NSR") and other rights on major properties and that JV partner, B2Gold Corp., contributed funds toward the repurchase (See prior press releases dated May 31, 2021, July 10, 2023, July 31, 2023, August 16, 2023).
• 1. Aurion announced that it had given Dragon Mining Ltd. ("Dragon") notice (the "Notice") of its intent to exercise the option (agreed to on May 31, 2023) to acquire and eliminate all encumbrances on the Kutuvuoma and Silasselkä properties (the "Option") for a total consideration of €5,000,000 (See news releases dated May 31, 2023, July 10, 2023, and July

31, 2023).

1. Summary of the terms: Pursuant to the transaction agreement Aurion, on closing, paid Dragon €5,000,000, as follows:
2. • €4,000,000 in cash, of which B2Gold Corp. contributed €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 were issued, based on the 10-dayvolume-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.

• 1. Aurion acquired and eliminated all remaining encumbrances on the Kutuvuoma and Silasselkä properties, including a 3% Net Smelter Return (NSR) Royalty on both.
• September 12, 2023: Aurion announced exploration results on its 100% owned Risti property, including the identification of new Gold Zones at the Kaaresselkä Prospect:
  o Aurion drilled 13 holes, totaling 2,583.9 m, and two previously drilled holes were extended a total of 126.30 m, at the Vanha area of the Kaaresselkä Prospect. The holes targeted the potential extensions of the identified mineralized structures.
  o All holes intersected gold mineralization including:
• 1. • 8.25g/t Au over 4.30 m from 59.00m (KS23034).
     • 2.27 g/t Au over 7.00 m from 32.30 m (KS23039).
     • 1.56 g/t Au over 8.75 m from 66.75 m within 0.40 g/t Au over 49.45 m from 50.50 m (KS23037).
     • 0.81 g/t Au over 14.00 m (incl. 6.50 m core loss) from 207.80 m (KS22027 extension).
     • • KS22027 included several gold mineralized intervals (NR February 21, 2023), including 2.41 g/t Au over 56.55 m from 95.75.
  2. A new zone of mineralization was discovered 100 m north of the Vanha area main trend, within the Kaaresselka Prospect.
  3. • 63.20 g/t Au over 0.85 m from 137.00 m (KS23041).

1. Gold was intersected at Vanha over 500 m strike length:
2. • The Mineralized system remains open along strike and at depth.

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• Mineralization resembles the Helmi (Aurion-B2Gold JV) and Ikkari (Rupert Resources) discoveries.
• A prospective and mainly unexplored structural trend is interpreted to extend over 15 km within the wholly owned Risti property and further into to the Aurion-B2Gold

JV hosting the recent Vuoma discovery.

• 1. Further results are pending from the scout drill program.
• November 13, 2023: Subsequent to the end of the quarter, Aurion announced exploration results on its 100% owned Risti property.
• 1. 36 scout holes, totaling 4,781.60 m, were drilled at several targets within the wholly owned

(182 km2) Risti property. The targets were drilled to test anomalies identified from geochemical and geophysical surveys.

1. Gold and favourable host rocks were encountered in all target areas with 19 out of 36 scout

holes intersecting precious or base metal mineralization.

1. Copper and PGE mineralization was encountered at two target areas in the southern part of the

Risti property.

1. Kaares Area:
2. • Scout drilling targeted extensions of the east-west structural trend hosting the Vanha prospect, Northwest trending structures, representing potential splays from the east- west structural trend and selected geochemical and geophysical anomalies.
   • Gold mineralization was intersected approximately 1.8 km west and 800 m east of the Vanha prospect extending the strike length of the prospective E-W trend to 2.6 km (previously 1.1 km).
   • • 3.63 g/t Au over 3.20 m from 41.30 m (KS23068) and 3.48 g/t Au over 1.70 m from 91.00 m (KS23049), 1.8 km west of the Vanha prospect.
     • 2.17 g/t Au over 1.60 m from 148.35 m (KS23030), 800 m east of the Vanha prospect.
     • Further evidence of gold mineralization along the mainly unexplored structural trend interpreted to extend over 15 km within the Risti property and further into the Aurion-B2Gold JV area which hosts the recent Vuoma discovery.
   • Gold mineralization was also encountered along the NW trending structures to the north and northwest of the Vanha prospect.
   • • 4.67 g/t Au over 1.75 m from 103.15 m (KS23057), 1.2 km north of the Vanha prospect.
     • 1.92 g/t Au over 1.40 m from 96.90 m (KS23046), 650 m northwest of the Vanha prospect.
     • 0.57 g/t Au over 2.10 m from 69.00 m, 0.60 g/t Au over 8.00 m from 80.00 m including 2.93 g/t Au over 1.00 m from 81.00 m (KS23045), 550 m northwest of the Vanha prospect.
     • 5.02 g/t Au over 1.05 m from 211.60 m (KS23054), 1.8 km northwest of the Vanha prospect.
   • An individual hole testing a copper in till anomaly, 700 m southwest of the Vanha prospect, returned 4.20% Cu and 0.27 g/t Au over 0.85 m from 109.15 m (KS23048).

1. Risti North:
2. • Four holes were drilled in the northern part of the Risti property with an aim to test the potential continuation into the Risti property of the prospective trend that hosts the Helmi (Aurion-B2Gold JV) and Ikkari (Rupert Resources) discoveries.
   • Hole HE23010 is located in the NW corner of the Risti property, approximately 1 km southeast of the Ikkari (4.39 Moz Au) discovery.
   • • The nearest previous Aurion drill hole is located 4.8 km to the south.

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• • The hole targeted a geophysical feature and intersected contact zones between deformed and altered mafic-ultramafic rocks and a younger sedimentary domain.
  • Elevated gold was encountered at the sheared contact (0.25 g/t Au over
  • 1. m from 154.95 m) and in the sedimentary rocks (1.09 g/t Au over
    1. m from 213.85 m).
• Hole HE23003, drilled 300 m east of HE23010, intersected deformed and altered units of siltstone and clastic sediments which returned local elevated gold values
  (≥0.1 g/t).
• Hole HE23011 is located in the northern part of the Risti property (7.5 km east of HE23010 and 7 km northeast of Aamurusko).
• • The nearest previous Aurion drill hole is located 3.6 km to the southeast.
  • The hole targeted a geochemical anomaly and geophysical feature and intersected a contact zone between deformed and altered mafic-ultramafic rocks and a younger sedimentary domain. Intervals with elevated gold (≥0.1 g/t) were encountered within the highly deformed and altered ultramafic rocks.
• The results indicate that the favourable structural trend and lithologies that host the recent significant discoveries (Helmi and Ikkari) may extend to the northern part of the Risti property.

1. Numerous gold and pathfinder anomalies were identified from base of till sampling program.

Mineral Exploration Properties

Finland

The Company began operating in Finland in early 2014 and currently holds or has interest in tenements covering part of the Central Lapland Greenstone Belt ("CLGB") of the Fennoscandian Shield - including the Company's flagship properties Risti and Launi, which host a number of recent discoveries by Aurion including the Aamurusko high-grade discovery within the Risti Property.  

Aurion's land holdings are located approximately 850 km north of the Finnish capital of Helsinki and occur entirely north of the Arctic Circle. Access to all the properties is very good, with forestry roads extending from paved highways to the otherwise forested and undeveloped property areas. Topography is low and characterized by rolling hills with relief of less than 150 m. There are daily flights from Helsinki to nearby airports in the towns of Kittilä and Rovaniemi. Aurion's field base is in the town of Sodankylä, which is located approximately 30-minute drive from the main properties. Finland has been consistently ranked among the top jurisdictions for mining investments by the Fraser Institute's annual surveys. 

The CLGB is considered highly prospective for the existence of gold and base metal mineralization. The region hosts Europe's largest gold mine, the Kittilä Gold Mine owned by Agnico-Eagle Limited, Boliden's Kevitsa Ni-Cu-PGE mine and Anglo American's Sakatti Ni-Cu-PGE discovery. In addition, a large number of gold and other metal prospects occur close to the major structural zones such as the Sirkka Shear Zone, which is a major, crustal scale, thrust fault system extending over 120 km in strike length. Aurion has interest in land positions covering approximately 80 km of the Sirkka Shear Zone.

The CLGB has seen a very limited amount of exploration compared to similar types of greenstone belts such as Abitibi and Norseman-Wiluna. The main reason for the lack of exploration activities is that exploration and mining was limited to local, state-controlled entities until 1995 when Finland joined the European Union. The majority of historic exploration and mining focused on base metals; gold indications were typically

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archived and not followed up. The prospectivity of this under-explored region has been demonstrated by over 20 new gold discoveries by Aurion and its neighbors since 2016. 

Summary of Finland Properties Not Subject to Partnership Agreements:

Finland Properties Not Subject to Partnership Agreements:

RISTI PROPERTY

Aurion's wholly owned Risti Property covers approximately 175 km2 in the CLGB in northern Finland. The Risti Property is located 20 km NNW of Sodankylä and is accessible via paved and all-weather gravel roads through rolling hills and forests. 

Aurion has made multiple gold discoveries since the commencement of exploration activities in 2015. Significant new gold discoveries at Risti include: Aamurusko Main, Aamurusko NW, Notches, YNOT, A2 and Risti NW. The property also hosts the Kaaresselkä prospect discovered in the 1980s by the Geological Survey of Finland. Aurion's pipeline of gold prospects at Risti are each at a different stage in the exploration process. 

The geological setting of the Risti Property has many similarities to prolific gold-rich orogenic gold belts globally, such as the Timmins camp of the Abitibi region of Northern Ontario, Canada. The Aamurusko zone appears to be underlain by young unconformable clastic rocks (sandstones and conglomerates) of the Kumpu group. The Kumpu group conglomerates resemble the Timiskaming conglomerates of the Timmins and Kirkland Lake area of the Abitibi and occur in a similar geo-tectonic setting (both represent the youngest stratigraphic sequence within their respective belts). The Kumpu group and the Timiskaming group were deposited in late orogenic extensional basins. They form in relation to major movement along regional faults or deformation zones. In the Abitibi province, many high-grade,multi-million-ounce gold deposits are temporally and spatially associated with the Timiskaming conglomerates (or their equivalents) in close proximity to major regional deformation (fault) zones such as the Porcupine-Destor or Cadillac Lake-Larder Lake deformation zones. The Kumpu group appears to have been deposited in a similar geological setting

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