Vancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - Auranova Resources Inc. (the "Company") is pleased to announce that it has closed a non-brokered private placement through the issuance of 11,000,000 flow-through units (each, a "FT Unit") at a price of $0.36 per FT Unit for aggregate gross proceeds of $3,960,000 (the "Offering"). Each FT Unit consists of one common share of the Company (each, a "FT Share") and one common share purchase warrant of the Company (each, a "Warrant"), each of which will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") and an "Ontario focused flow-through share" as defined in the Taxation Act, 2007 (Ontario) ("Ontario Tax Act"). Each Warrant shall entitle the holder thereof to purchase one common share in the capital of the Company (each, a "Common Share") at a price of $0.50 per Common Share until the date that is eighteen (18) months from the closing of the Offering, provided that, should the daily volume weighted average closing price (or closing bid price on trading days when there are no trades) at which the Common Shares trade on a stock exchange or quotation and trade reporting system is at least $0.60 for twenty (20) consecutive trading days, the Company may accelerate the expiry date of the Warrants such that the Warrants expire on the date that is ten (10) days following the date that notice is delivered to the warrant holders.

The gross proceeds from the Offering will be used by the Company to incur eligible "Canadian exploration expenses" as defined in subsection 66.1(6) of the Tax Act, that qualify as "flow-through mining expenditures" as defined in subsection 127(9) of the Tax Act and as "eligible Ontario exploration expenditures" within the meaning of the Ontario Tax Act ("Qualifying Expenses"). The Qualifying Expenses will be renounced in favour of the subscribers with an effective date no later than December 31, 2025.

All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Caution Regarding Forward-Looking Information

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

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