AURYN Mining Corporation Shareholder Update
AURYN Mining Corporation (OTC: AUMC) is committed to keeping shareholders informed about our progress and strategic priorities. As we enter Q1 2026, the following update summarizes key developments across mining, exploration, and construction activities since our October 2025 update.
HIGHLIGHTS
- January 8, 2026 – First official blast completed in the Northwest drift at Fortuna, marking the transition into ore production.
- December 2, 2025 – Successful connection of the 1847 level to the 1913 level, improving ventilation, access, efficiency, and underground safety.
- Permitting – Exploitation permit application submitted to SERNAGEOMIN (Servicio Nacional de Geología y Minería), Chile’s mining authority, to increase Fortuna capacity to 3,000 tonnes per month – currently authorized up to 1,000 tonnes per month.
- Plant construction – Target completion January 30, 2026, in preparation for commissioning, with major work fronts progressing in parallel.
- Stockpiles – Approximately 13,000 tonnes prepared and being transported for start-up, supported by total on-site stockpiles estimated to exceed 60,000 tonnes.
ACCOMPLISHMENTS
Operations and Plan Development
Fortuna Project
Since October, development work at the Fortuna Project has continued to advance. On December 2, 2025, mining activities successfully connected the lower 1847 level with the upper 1913 level, representing a significant milestone for the project. This connection improves ventilation, access, and overall operational efficiency while enhancing safety conditions underground. Despite encountering localized structural complexity, including faulting and vein variability, the primary Fortuna vein has been successfully reached and is now available for exploitation. Mine development has continued with the preparation of accumulation chambers and advancement of bypass development, positioning the operation to support sustained ore production.
On January 2, 2026, mine development on the 1847 level reached the vein. On January 8, 2026, the first official blast was completed in the Northwest drift, marking the transition into ore production. To date, approximately 150 tonnes of ore have been stockpiled on surface, with mining activities continuing to expand the mineralized block.
Permitting – Exploitation Permit (Fortuna)
At the end of 2025, Auryn submitted an application to Chile’s mining authority (SERNAGEOMIN) for a new exploitation permit to increase Fortuna’s authorized production capacity to 3,000 tonnes per month. Based on standard regulatory timelines, approval is anticipated in Q3 2026. Until approval is received, Fortuna will continue to operate under its current authorization of up to 1,000 tonnes per month.
Caren Project
Geological evaluation and technical review of the Caren Project continue. Caren is expected to become an important source of mineralized feed for the flotation plant as production capacity increases toward the 3,000 tonnes per month level and beyond. Further updates will be provided as permitting and development activities advance.
Stockpiles and Commissioning Strategy
Stockpile evaluation and sampling activities have continued. Approximately 13,000 tonnes of ore are prepared and currently being transported to the plant’s ore stockpile area for use during initial start-up. Total on-site stockpiles are estimated to exceed 60,000 tonnes, providing operational flexibility during ramp-up.
The commissioning strategy remains unchanged. Lower-grade material will be processed during the initial commissioning period (approximately 30 to 45 days) to fine-tune plant performance and recovery parameters before transitioning to higher-grade feed from active mining operations.
Mineral Flotation Plant & Supporting Infrastructure
Construction of the Mineral Flotation Plant has progressed steadily since October
2025, with all major work fronts advancing in parallel:
- Civil works: ~97% complete
- Mechanical assembly: ~88% complete• Electrical installation: ~65% complete
- Tailings Storage Facility: ~22% complete
Key milestones:
- Main Warehouse: Completed and operational
- Tailings Facility: Construction commenced on January 4, 2026, aligned with plant start-up requirements
- Target plant completion: January 30, 2026, in preparation for commissioning
Permitting – Plant and Tailings Operating Permits
Final operating permits for the flotation plant and tailings facility remain pending. Permitting timelines were impacted by a cybersecurity incident affecting the regulator’s systems, and Auryn has maintained close coordination with SERNAGEOMIN throughout this period. All technical inquiries and information requests have been fully addressed. The Company expects to receive both operating permits in Q1 2026 and will issue an official announcement upon receipt.
Note: The exploitation permit application for expanded Fortuna mining capacity and the operating permits for the flotation plant and tailings facility are separate regulatory processes and are being advanced in parallel.
OUTLOOK
With mine development, plant construction, and tailings infrastructure advancing in parallel, the Fortuna Project continues to move toward initial operations. The combination of available stockpiles, ongoing mine development, and a phased commissioning strategy provides a solid foundation for a controlled and efficient start-up in early 2026.
Near-term focus areas include:
- Receipt of the final operating permits for the flotation plant and tailings facility, followed by an official announcement
- Completion of remaining plant construction activities toward the January 30, 2026, target, in preparation for commissioning
- Continued development and production advancement at Fortuna withi current authorized tonnage limits
- Ongoing progress through the review process for the Fortuna exploitation permit application
STAY CONNECTED
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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 oftransactions, 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
https://aurynminingcorp.com
ir@aurynminingcorp.com