AURYN Mining Corporation Shareholder Update

AURYN Mining Corporation (OTC: AUMC) is committed to keeping our shareholders informed with the most current updates on our progress and strategic initiatives. As we step into the second quarter of 2024, we wish to share significant developments and our forward-looking approach to our mining and exploration activities.

Proactive Financing and Economic Planning

Since December of the previous year, our team has been proactively engaged in structuring a financing solution vital for the implementation of our processing plant. This effort is part of our broader strategy to enhance our operational efficiency and prepare for the next phase of growth. Parallel to these financing efforts, we have devoted considerable resources to developing an economic case for our operations, including detailed cash flow modeling. These initiatives are crucial in laying a solid foundation for our long-term success and sustainability.

Pause in Fortuna Operations

In alignment with our strategic priorities and in anticipation of optimizing our processing capabilities, we have made the decision to temporarily pause active operations at Fortuna. This decision was not made lightly but comes as a necessary step to prepare for the construction of our processing facility. By focusing our resources and attention on this next critical phase, we aim to ensure that once operational, our processing capabilities will significantly enhance our production efficiency and overall project viability.

Mining Plan Developments

Our in-house team has completed a comprehensive mining plan, demonstrating our commitment to self-reliance and our capability to advance our projects efficiently. Furthermore, we are eagerly awaiting an additional mining plan from Freiberg University, under the guidance of the esteemed Prof. Dr. Helmut Mischo. Prof. Mischo and his team of experts are currently reviewing an extensive array of data, not only from Fortuna but across the entire Altos de Lipangue mining district. This collaboration is expected to yield innovative insights and strategies to maximize the value and potential of our mining efforts.

Advancements in Financing Discussions

We are pleased to report progress in our discussions with a potential lender, aimed at securing the necessary funds for our processing plant. While negotiations are ongoing, we are optimistic about reaching favorable terms that align with our financial planning and project timelines. This advancement is a testament to the confidence in our project’s potential and our team’s ability to execute our vision.

Commitment to Transparency and Engagement

As always, AURYN is dedicated to maintaining open and transparent communication with our investors and stakeholders. We understand the importance of keeping you informed and engaged with our progress. Consistent with our practice, we will continue to provide updates through required financial disclosures on OTC Markets and our quarterly shareholder updates.

For further details and to stay up-to-date with AURYN Mining Corporation’s activities, please visit our website and subscribe to email notifications.

We appreciate your continued support and confidence in AURYN Mining Corporation.

Submitted on behalf of the Board of Directors.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934, as amended. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the completion of transactions, the issuance of permits, the size and quality of mineral resources, future trends for the company, progress in development of mineral properties, future production and sales volumes, capital costs, mine production costs, demand and market outlook for metals, future metal prices and treatment and refining or milling charges, the outcome of legal proceedings, the timing of exploration, development and mining activities, acquisition of shares in other companies and the financial results of the company. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially and substantially from those anticipated in such statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.

Contact Information

Auryn Mining Corporation