Aurion Resources : Financial Statements for the Period Ending Mar. 31, 2024 (MD&A)

Management's Discussion & Analysis of

Financial Conditions & Results of Operations

March 31, 2024

Management's Discussion and Analysis

March 31, 2024

Background

This discussion and analysis of financial position and results of operations of Aurion Resources Ltd.(the "Company" or "Aurion") is prepared as of May 28, 2024, and should be read in conjunction with the condensed consolidated interim financial statements for the three months ended March 31, 2024, 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 its Flagship Risti and Launi projects, as well as advancing joint venture arrangements with Kinross Gold Corp. and B2 Gold Corp. 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, primarily in Finland.

First Quarter 2024 Highlights and Significant Events:

• February 27, 2024: Aurion announced exploration results at the Vanha prospect in the Kaaresselkä area of its wholly owned Risti property.
  o The Company announced the results from four drill holes at the Vanha prospect in the Kaaresselkä area.
  o Results were highlighted by hole KS23071, where 3.68 g/t Au was encountered over 11.35 m from 94.55 m. The hole is located in the eastern Vanha area and was collared from the same position as previously announced drill hole KS23032.
  o Drill hole KS23069 is located in the central Vanha area and was collared 40 m southwest of previously announced drill hole KS23036. The hole was drilled on section to the southwest

targeting above mineralization intersected in KS23036 (0.76 g/t Au over 7.40 m). KS23069 intersected numerous mineralized intervals including 8.03 g/t Au over 0.80 m from 35.00 m, 0.61 g/t Au over 4.45 m from 75.25 m, and 0.41 g/t Au over 7.50 m from 108.10 m.

1. Drill hole KS23070 is located in the western Vanha area and was collared 40 m northeast of KS23037. The hole was drilled on section to the southwest targeting below mineralization intersected in previously announced drill hole KS23037 (0.40 g/t Au over 49.45 m). KS23070

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intersected numerous mineralized intervals such as 0.39 g/t Au over 5.65 m from 95.90 m and

• 0.60 g/t Au over 2.95 m from 127.25 m including 1.60 g/t Au over 0.85 m from 127.25 m. o Gold mineralization (over 1.0 g/t Au) has been encountered in 15 out of 16 drill holes drilled

  by Aurion since 2022 at Vanha.

  o Gold has been intersected over 500 m along strike and to 200 m depth and the prospect is open in all directions.

• March 11, 2024: Aurion announced it received notice from B2Gold Corp. ("B2Gold"), informing the Company that B2Gold received an offer to acquire B2Gold's 70% interest in the joint venture between B2Gold and Aurion. Aurion holds a Right of First Refusal ("ROFR") through the JV agreement and is considering its options.
  o The Notice of Sale and Offer indicates that B2Gold and Rupert Resources Ltd. ("Rupert") have entered into a letter agreement in respect of the Offer whereby, as consideration for the Ownership Interest, Rupert will issue to B2Gold 28,644,111 common shares of Rupert, implying a total value of C$102.8 million (based upon the market price of such shares as of March 8, 2024), in exchange for B2Gold's 70% interest in the JV Company. The transaction is conditional upon execution of a definitive agreement and investor rights agreement, completion of mutual due diligence and applicable regulatory approvals.
  o The Notice of Sale and Offer was provided to Aurion pursuant to the Shareholders Agreement dated August 14, 2019, among B2Gold, Aurion and the JV Company. Pursuant to the Agreement, Aurion holds a ROFR with respect to the proposed sale by B2Gold of its interest in the JV Company. The ROFR provides Aurion with the right to acquire B2Gold's interest in the JV Company upon terms no less favorable than those offered by Rupert. Aurion has until May 9, 2024, to decide whether it will exercise its ROFR.
  o Aurion is evaluating the Notice of Sale and Offer and will update the market in due course.
• March 19, 2024: The Company announced the discovery of a new greenfield discovery named 'Sore' on the Aurion-B2Gold JV property.
  o Aurion reported results for 12 holes from the 2023 scout drilling program in the Sore area, approximately 38 km northwest of the Helmi prospect on the Aurion-B2Gold JV.
  o A new greenfield discovery (Sore) was identified in the NW part of the JV area. o Intercepts included:
• • 26.45 g/t Au over 2.45 m from 104.65 m including 108.50 g/t Au over 0.50 m from 105.80 m; 1.74 g/t Au over 14.10 m from 367.10 m (SOR23010).
  • 1.05 g/t Au over 40.70 m from 38.40 m (SOR23002).
  • 1.33 g/t Au over 17.90 m from 5.40 m (SOR23001)

• 1. Up to 12.55 g/t Au over 0.40 m was also identified in trench channel samples.
  1. No previous drilling has occurred within 1.0 km of the Sore discovery.
  1. Sore is located 1.7 km from Kettukuusikko Prospect (4.33 g/t Au over 20.4 m) and 38 km NW of Helmi Discovery.
  1. The drilling program on the JV has been halted following the receipt of Notice from B2Gold of an offer from Rupert Resources to Acquire B2Gold's Joint Venture Interest; Aurion is currently considering options regarding its Right of First Refusal (see Press Release, March 11, 2024).
• May 9, 2024: Aurion provided a corporate update:
• 1. The Company announced that, further to its news releases of March 11, 2024 and May 6, 2024, after due consideration it had decided not to exercise its right of first refusal ("ROFR") to acquire the 70% interest of B2Gold Corp. ("B2Gold") in the joint venture company owned by B2Gold and Aurion ("the JV Company"), which owns exploration properties located in the Central Lapland Greenstone Belt in northern Finland. Moving forward, the Company will continue to own its 30% interest and participate as it historically has in the JV Company.

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1. As a result of the Company deciding not to exercise its rights under the ROFR, B2Gold retained the ability to sell to Rupert its 70% interest in the JV Company for the consideration and on the terms and conditions set forth in the Notice (refer to March 11, 2024 press release).

1. The Company stated that it will continue to consider a range of other strategic alternatives, at both the asset and corporate level.

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 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:

Property		Area (~km2)	Prospect
Risti		167	A2, Aamurusko, Kaaresselkä, Notches, Sukuvaara, Tikka,
	YNOT
Launi West		38
Sila		60
Venejoki		99
Savu		1537	Auermavaara, Kaulus

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Summary of Finland Properties Subject to Partnership Agreements:

Property	Area (~km2)	Prospect
		Ahvenjärvi, Helmi, Hirvilavanmaa, Kettukuusikko,
B2Gold JV	293	Kiekerömaa, Kutuvuoma, Kutuvuoma East, Palovaara,
Sinermä, Soretialehto, Soretiavuoma, Tuongankuusikko,
		Vuoma
Kinross Option	46	Bonanza, Christmas Deformation Zone, Hinge Zone,
Launi East		Lakijänkä, Midsommer, Stubley

Finland Properties Not Subject to Partnership Agreements:

RISTI PROPERTY

Aurion's wholly owned Risti Property covers approximately 167 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 Tikka. 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 adjacent to the Sirkka Shear Zone, the crustal scale deformation zone in the CLGB. Strong alteration including fuchsite, tourmaline, iron carbonate and albite associated with quartz veining and gold mineralization is seen along the entire length (>100 km) of this structure. 

Gold is hosted by various lithologies including clastic sediments (examples: Aamurusko, Notches) and

mafic-ultramafic rocks (examples: Ikkari, Kutuvuoma, Kaaresselkä) within the Risti Property and adjoining areas. The abundance and scale of gold mineralization along several structures over significant strike lengths and the fact that gold is hosted by various lithologies point to a conclusion that a powerful hydrothermal system has led to the camp scale footprint of gold mineralization.  

The majority of the Risti Property had not been explored prior to Aurion. Aurion's exploration activities started in 2015 with prospecting and mapping, which led to the initial discovery of high-grade boulders in the Aamurusko area in 2016. Further activities have included detailed and regional prospecting, geological mapping, trenching, ground and drone geophysics, soil sampling, base of till sampling and diamond core drilling.

Approximately 6,200 boulder, sub-crop and outcrop samples collected and assayed from the Risti Property average 6.7 g/t Au. The surface sampling has identified extensive footprints of gold mineralized samples in

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several areas including the Aamurusko and Notches prospects. The prospecting and mapping programs have mainly focused on domains with silica rich sediments, e.g. conglomerates, because such lithologies are comparably resistant to weathering and can be observed on surface in several areas. As such, sampling is mainly from gold mineralization hosted by clastic sediments. Mafic and ultramafic lithologies are less resistant to weathering and typically these areas are low lying and covered by overburden. Identification of this type of mineralization requires overburden penetrative exploration methods such as base of till sampling.  

Exploration activities and results on various prospects are presented in the following paragraphs. Drill results presented herein are core lengths and may not represent true width. Channel sample results are surface channel cuts that also may not represent true width. Gold assay values are uncut. Prospecting grab samples may be selective and not representative of overall grade. 

Aamurusko Prospect

The Aamurusko prospect is located near the center of the Risti Property. A total of 1,210 samples with an average grade of 24.9 g/t Au have been collected from an area measuring 1.7 km by 1.3 km. The samples are predominantly from large and angular quartz (with or without tourmaline and/or Fe-Oxide) blocks with many samples containing coarse visible gold. The quartz vein blocks range from 0.1 m to >3 m wide, trend NE-SW and are hosted by quartzites and polymictic conglomerates of the Kumpu Group and mafic volcanics of the Sodankylä Group. The conglomerates are interpreted to be unconformably in contact with the mafic volcanics. 

The initial prospecting and mapping campaign was followed by further field activities including the maiden drilling program in 2017. Since then, a total of 145 holes and 28,410 m of drilling has been completed in the Aamurusko area at various targets including Main, NW and Gap Zone. 

At Aamurusko Main, gold mineralization intersected at shallow depths (40-60 m vertically from surface) expands known mineralization in an area that is now estimated to be 100 m long in an east-west orientation with a sub-vertical distance of 150 m.  Multiple high-grade (anything greater than 10 g/t Au is considered high-grade) intercepts occur in this area including a very high-grade intercept of 789 g/t Au over 2.90 m.  While true widths are unknown at this time, the ability to successfully target and intercept gold mineralization with drill step outs both vertically and horizontally suggests that the mineralization appears to form part of a coherent body or shoot. The mineralization lies proximal to the faulted/sheared contact between a gabbro intrusive and sedimentary rocks.  Mineralization remains open at depth and along strike. 

Drilling at Aamurusko Main has been focused over an east-west distance of approximately 250 m at the eastern extent of the boulder field.  This suggests that the mineralization encountered there is only one source of the many high-grade boulders at Aamurusko.  Gold mineralization was also intersected in 500 and 800 m step out drill holes to the west-northwest providing further evidence that additional near surface gold mineralization may exist in the same geological/structural setting west of Aamurusko Main.    

Drilling highlights from Aamurusko Main:

• 789.06 g/t Au over 2.90 m (including 3510.00 g/t Au over 0.65 m) from 116.10 m (Drill hole AM18042)
• 42.28 g/t Au over 4.00 m from 40.00 m (Drill hole AM19082)
• 24.50 g/t Au over 4.75 m from 48.80 m (Drill hole AM19081)
• 22.63 g/t Au over 3.53 m (including 52.30 g/t Au over 1.4 m) from 44.47 m (Drill hole AM19114)
• 18.47 g/t Au over 2.76 m (including 93.70 g/t Au over 0.51 m) from 43.94 m (Drill hole
  AM19113) 

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Drilling 235 m east of Aamurusko Main also returned significant drill intercepts: 

• 9.62 g/t Au over 1.74 m from 26.30 m (Drill hole AM18035)
• 8.74 g/t Au over 1.55 m from 36.65 m (Drill hole AM18035)
• 12.45 g/t Au over 5.20 m (including 66.70 g/t Au over 0.50 m and 54.30 g/t Au over 0.49 m) from 53.50 m (Drill hole AM18035) 

Aamurusko NW is approximately 600 m northwest of Aamurusko Main target. This target consists of a 10- 30 m wide zone of gold-bearing quartz veins within altered and mineralized clastic sedimentary rocks. Drilling has delineated Aamurusko NW to 300 m vertical depth and the mineralization is open to extensions. Drilling has identified new zones of gold mineralization 200 m north of Aamurusko NW along and on the northern side of a previously untested fault structure. 

Drilling highlights from Aamurusko NW:

• 13.31 g/t Au over 19.54 m (including 22.58 g/t Au over 8.18 m) from 77.64 m (Drill hole AM19095)
• 3.51 g/t Au over 31.12 m from 55.88 m (Drill hole AM19094)
• 6.84 g/t Au over 19.00 m (including 16.36 g/t Au over 7.3 m) from 83.80 m (Drill hole AM19109)
• 23.41 g/t Au over 11.10 m (including 51.95 g/t Au over 4.15 m) from 133.00 m (Drill hole AM19106)
• 16.17 g/t Au over 4.00 m (including 109.00 g/t Au over 0.58 m) from 97.10 m (Drill hole AM19105)
• 1.21 g/t Au over 24.75 m (including 5.79 g/t Au over 2.95 m and 8.90 g/t Au over 1.00 m and 5.34 g/t Au over 1.00 m) from 358.25 m (Drill hole AM20127)
• 2.39 g/t Au over 3.70 m from 288.00 m (Drill hole AM20127) 

Aamurusko Gap covers the approximately 600 m long "gap" between the Aamurusko NW and Aamurusko Main targets. Mapping has identified fault structures and a widespread quartz stockwork extending 300 m by 100 m. Drilling has intersected several zones of gold mineralization.  

Drilling highlights from Aamurusko Gap: 

• 4.64 g/t Au over 3.10 m (including 37.30 g/t Au over 0.35 m) from 19.25 m (Drill hole AM19117)
• 1.55 g/t Au over 3.45 m (including 9.21 g/t Au over 0.35 m) from 59.70 m (Drill hole AM19117)
• 0.55 g/t Au over 8.65 m from 63.25 m (Drill hole AM19118)
• 1.69 g/t Au over 7.75 m (including 18.40 g/t Au over 0.55 m) from 96.05 m (Drill hole AM19119)
• 1.51 g/t Au over 3.35 m from 35.85 m (Drill hole AM20128) 

Notches Prospect

The Notches prospect is a 5 km long and 1 km wide, northwest-southeast trending outcrop ridge located 3 km to the southeast of Aamurusko. Prospecting led to multiple gold showings in quartz sub-outcrop. The Notches area is host to an interbedded sequence of mature siliceous sandstones and conglomerates with late cross-cutting mafic to ultramafic and lamprophyre dykes. The southwestern contact is hosted by a suite of mafic to ultramafic volcanic and intrusive rocks and mafic conglomerates but is not well constrained due to lack of exposure. The northeastern contact is possibly intrusion/fault related with an unconformable suite of ultramafic rocks.  

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2,650 grab samples with an average grade of 2.2 g/t Au have been collected from boulders, sub-crops and outcrops. In addition to prospecting and mapping, trenching and limited diamond drilling has been completed at Notches.  

In the area of trench NOT1817 gold mineralization is hosted within a 5-10 m wide conglomerate unit with 1-15 % disseminated sulphides (pyrite-pyrrhotite-chalcopyrite-galena and locally visible gold) and altered by silica, hematite, iron oxide and carbonate. The conglomerate is also cross-cut by flat and steep gold- bearing quartz veins. 

Channel sampling highlights from Notches: 

• 3.20 g/t Au over 4.40 m including 8.94 g/t Au over 0.87 m (Trench NOT1817)
• 3.54 g/t Au over 0.60 m (Trench NOT1817)
• 109.50 g/t Au over 0.25 m (Trench NOT1803)
• 20.30 g/t Au over 0.31 m (Trench NOT1803)
• 7.03 g/t Au over 0.93 m (Trench NOT1814) 

Drilling highlights from Notches: 

• 2.99 g/t Au over 2.10 m from 31.40 m (Drill hole NT18005)
• 20.30 g/t Au over 0.65 m from 27.40 m (Drill hole NT18006) 

Kaaresselkä Prospect

The Kaaresselkä prospect is located approximately 4 km south-southwest of Aamurusko. The gold-copper mineralization was discovered by the Geological Survey of Finland (GTK) in 1987.  No exploration had been conducted since 2004 until the acquisition by Aurion.

Aurion acquired the Kaaresselkä and Kiekerömaa gold prospects from Tertiary Minerals Plc ("Tertiary") in 2016. The Company paid £15,000 in cash and issued 83,072 shares to Tertiary for 100% interest in both projects subject to certain royalties, including a Pre-Production Royalty of US$1.00 to $3.00/ounce gold following the definition of a NI 43-101 (or equivalent) Code compliant Inferred, Indicated and/or Measured Mineral Resource Estimate respectively, on either project.  Tertiary will retain a 2% Net Smelter Returns Royalty ("NSR") on all future gold production from either property, of which the Company can purchase 50% for USD$1,000,000 at any time prior to commencement of commercial production on either project.

On August 8, 2022, the Company announced that it has agreed with Tertiary to acquire and cancel royalties on the Kaaresselkä (Risti, 100% Aurion) and Kiekerömaa (B2Gold JV) gold prospects for a total consideration of CAD$200,000 and 83,333 Aurion common shares (August 8, 2022, press release).

On October 7, 2022, the Company announced that it had closed the royalty repurchase agreement with Tertiary on the Kaaresselkä and Kiekerömaa gold prospects. On closing of the agreements, Aurion issued 83,333 common shares (the "Consideration Shares") and paid CAD$75,000 in cash to Tertiary with respect to the Kaaresselkä Property, and the B2Gold JV paid $125,000 cash with respect to the Kiekerömaa Property. The Consideration Shares will be subject to a statutory four month and one day hold period from August 24, 2022, the date of issue of the Consideration Shares (October 7, 2022, press release).

The Kaaresselkä project comprises multiple shear zone hosted gold zones that are up to 16 m wide and 650 m long, adjacent to the Sirkka Shear Zone. The gold mineralization is mainly hosted by strongly altered and sheared mafic volcanic rocks.

There are 127 historical drill holes (GTK drilled 112 and Tertiary Minerals drilled 15) totaling 8,900 m including 7 RC drill holes and 120 diamond drill holes. Historical drilling was shallow with gaps along the strike of the mineralized zones.

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Activities by Aurion have included diamond core drilling, re-logging of historical drill holes, oriented core measurements, a detailed ground magnetic survey, whole rock geochemistry, GIS compilation and integration of data into 3D modelling software. This work has allowed for a reinterpretation of the geology and a better understanding of the property's potential.  

Drilling highlights from Kaaresselkä: 

• 2.41 g/t Au over 56.55 m from 95.75 m (KS22027)
• 2.27 g/t Au over 11.30 m from 124.10 m (KS22029)
• 1.52 g/t Au over 2.85 m from 306.50 m (KS20001)
• 1.85 g/t Au over 5.40 m from 199.00 m (KS20002)
• 11.01 g/t Au over 4.90 m from 74.80 m (04KD007B)
• 3.20 g/t Au over 11.40 m from 4.90 m (04KD010)
• 4.40 g/t Au over 9.50 m from 130.00 m (04KD013)
• 2.01 g/t Au over 14.10 m from 149.50 m (05KD002) 

YNOT Prospect

The YNOT prospect is located approximately 3.5 km west-northwest of Aamurusko. The discovery of high- grade boulders was followed by excavation of six trenches. An east-west trending quartz vein system hosted by moderate to strong iron carbonate alteration up to 10 m wide was identified in five of six trenches. Grab samples range up to 705.00 g/t Au.  

Channel sampling highlights from YNOT: 

• 7.18 g/t Au over 1.52 m (Trench WNT18001)
• 17.55 g/t Au over 0.60 m (Trench WNT18001) 

A2 Prospect

The A2 prospect is located approximately 2 km north of Aamurusko. 52 rock samples were collected from quartz veins, quartz stockworks, breccias and tension vein arrays, occurring in outcrop, sub-outcrop and angular boulders along a 1.1 km long arcuate structure. Selective grab samples returned assays from nil to

697.0 g/t Au (average 59.6 g/t Au). 

Eleven drill holes in 2018 tested a strike length of 450 m targeting gold mineralization in quartz veins hosted by altered clastic sediments at the A2 prospect. The most significant drill intercept at A2 was 22.00 g/t Au over 0.45 m from 38.45 m (Drill hole AM18041). Current drilling has not yet explained prospecting discoveries at A2. 

Tikka Prospect (formerly Risti NW Prospect)

The Tikka prospect is located approximately 4 to 5 km north-northwest of Aamurusko. Limited prospecting has identified gold-bearing quartz blocks over a distance greater than 1.8 km. 133 rock samples from angular boulders and sub-outcrop assayed up to 108.5 g/t Au and an average of 1.94 g/t Au.  

Sukuvaara Prospect

The Sukuvaara prospect is located approximately 1.5 km southeast from the Notches prospect. An envelope of alteration and quartz veining within sandstone was identified during 2020 field activities. Trenching (total length of 150 m) and four drill holes confirmed the existence of altered and quartz veined sandstone units and returned several zones with elevated gold up to 1.81 g/t Au.    

Exploration activities

During the period ended March 31, 2024, the Company carried out diamond drilling within the Risti Property for a total of 1,793.60 m in nine new holes.   

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Scout hole KS24072 (150.80 m) is located 1.5 km east of the Vanha area. The hole was drilled to the southwest and targeted the interpreted domain boundary and associated anomalous base of till geochemistry. KS24072 did not intersect the domain boundary and returned anomalous gold values up to 0.077 g/t.

Scout hole HE24013 (151.40 m) was collared approximately 12.4 km west-northwest of Aamurusko in the west central part of the Risti Property. The hole was drilled to the north and targeted a base of till geochemical anomaly and geophysical features. It intersected sedimentary units without elevated gold (≥0.1 g/t) values.

Four scout holes (PJ24001-4), totaling 794.40 m, were completed in the south-central part of the Risti Property and collared approximately 5 km west-northwest of the Vanha prospect. The holes were drilled at various orientations targeting multiple geochemical anomalies and geophysical features. The first three holes intersected a variety of sedimentary units without elevated gold (≥0.1 g/t) values. Assay results for hole PJ24004 are pending and will be released in due course.

Three scout holes (KS24073-75), totaling 697.00 m, were completed in the greater Kaares area approximately 1.4 km west to west-southwest of the Vanha prospect. The holes were drilled at various orientations targeting geochemical anomalies and geophysical features. Assay results for these holes are pending and will be released in due course.

In a press release dated February 27, 2024, the Company announced results for four holes, totaling 687.40 m, from the 2023-24 drilling program at the Kaaresselkä area of its wholly owned Risti Property located in the Central Lapland Greenstone Belt in northern Finland. The holes targeted interpreted structural features with an aim to identify and extend the gold mineralized system. All three holes drilled at the Vanha prospect intersected zones of gold mineralization. The high-grade envelope is interpreted to extend 30 m towards east. All Vanha holes intersected broad zones of strongly deformed and hydrothermally altered rocks associated with gold mineralization.

Summary

• All recent holes intersected gold at the Vanha prospect including:

1. 3.68 g/t Au over 11.35 m from 94.55 m (KS23071)
2. • Extending interpreted higher-grade envelope 30 m towards east from KS23027 (2.41 g/t Au over 56.55 m) at Vanha

1. 2.87 g/t Au over 4.80 m from 38.45 m (KS23071)

• 1. Broad zones of strongly deformed and hydrothermally altered rocks in all holes
• Gold mineralization (over 1.0 g/t Au) encountered in 15 out of 16 drill holes drilled by Aurion since 2022 at Vanha
• 1. Growing gold mineralized system resembling the Helmi (Aurion-B2Gold JV) and Ikkari (Rupert Resources) discoveries

1. Gold intersected over 500 m along strike and to 200 m depth - open in all directions

• 1. 15 km prospective structural trend between Kaaresselkä and Vuoma (Aurion-B2Gold JV) discoveries mainly unexplored
• Selected targets to be tested during the winter drilling program at Risti
• Aurion-B2GoldJV: 10,000 m drilling program ongoing, results pending

The drilling has provided valuable information which will aid in geological interpretation and future exploration planning.

The Risti Property area was slightly reduced due to the relinquishment of approximately 8 km2 of ground. 

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