For Immediate Release

Auryn Mining Corporation’s Chilean Subsidiary Secures up to $4 Million Financing from Strategic Investments S.A.C.

Santiago, Chile – May 29, 2024 – Auryn Mining Corporation (OTC: AUMC) announces that its wholly-owned Chilean subsidiary, Auryn Mining Chile SpA, has entered into a financing agreement with Strategic Investments S.A.C. valued at up to $4 million. This crucial funding will facilitate the construction and operational launch of a 100-ton per day flotation plant, with production set to begin in the first quarter of 2025.

Transaction Details:

Loan Provision: Auryn Mining Chile SpA has received an immediate advance of $500,000, with the potential to increase the total loan amount to $1 million. This loan features a 10-month grace period and is repayable over five years in equal monthly installments.

Equity Financing: Additionally, up to $3million will be provided through an equity investment arrangement, which includes a preferred dividend mechanism with dividends capped at $20 million over five years.

The execution of this financing is contingent upon the successful completion of a due diligence process by Strategic Investments S.A.C., ensuring that all aspects of the “Fortuna de Lampa” project align with both parties’ high standards and expectations.

Executive Commentary:

Maurizio Cordova, CEO of Auryn Mining Corporation, stated, “This significant financial commitment from Strategic Investments S.A.C. to our Chilean entity is a pivotal step towards advancing our Fortuna de Lampa project and underscores the potential within the Altos de Lipangue mining district. We are poised to make substantial progress in our development eZorts.”

About Auryn Mining Corporation:

Auryn Mining Corporation is committed to the responsible and profitable development of mineral resources in Chile. Through its subsidiary, Auryn Mining Chile SpA, the company leverages innovative and sustainable practices to ensure the responsible stewardship of resources.

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